With a near 5% rise over the past 24 hours, Shiba Inu is preparing for a bullish comeback. The meme coin holds a market cap of $7.49 billion and is the second-biggest meme coin in its segment.
Currently, the SHIB token trades at a market price of $0.00001271, sustaining dominance above the $0.000010 psychological mark. Will this result in a breakout rally to reclaim the $0.000020 psychological mark? Let’s find out.
Shiba Inu (SHIB) Price Analysis
In the daily chart, the Shiba Inu price trend showcases the following channel pattern. Within the channel pattern, the meme coin shows bullish dominance near the $0.000012 support zone.
With an intraday recovery of 2.61% after the Doji formation on Monday, Shiba Inu hints at a Morning Star pattern. However, with a 24-hour high at $0.00001297, the meme coin faces higher price rejection from the 20-day EMA line.
The declining alignment of the 20-, 50-, 100-, and 200-day EMA lines in the daily chart acts as dynamic resistance. Furthermore, they reflect the overall bearish nature of the Shiba Inu price trend.
As the short-term recovery faces a failure to surpass the local resistance trend line, the MACD and signal lines are on the verge of providing a bearish crossover. Hence, the technical indicator reflects a new potential spike in bearish momentum.
Shiba Inu Futures
With the short-term bullish comeback, the traders are lining up to bet on the Shiba Inu futures. The open interest has increased by 3.47%, reaching $121.57 million.
Furthermore, the long-to-short ratio is gradually entering the bullish territory as it stands at 1.0321. This reflects a gradual increment in the number of long contracts.
As the bullish sentiments grow, the funding rate has turned positive, reaching 0.0073%. Thus, the Shiba Inu derivative analysis reflects growing optimism among Shiba Inu traders anticipating a breakout rally.
Shibarium Hits 1 Billion Transactions
Supporting the chances of a major bullish comeback in SHIB prices, the Shibarium network has surpassed 1 billion on-chain transactions. This major milestone for the network reflects the strong support of its community.
Furthermore, the data from IntoTheBlock reflects that the large transaction volume is spiking. Over the past 7 days, the total volume of large transactions has jumped from $12.58 million to $45.53 million.
With the increasingly large transaction volume, the demand for SHIB is likely to rise quickly.
Shiba Inu Next Price Targets
With major achievements of the SHIB and Shibarium network, the short-term bullish surge is facing multiple key resistances. As the overall trend maintains a bearish nature, the short-term recovery will need a massive spike in momentum to give a falling-channel breakout rally.
Currently, the bullish struggle at the 20-day EMA at $0.000013 remains the immediate resistance. Optimistically, the channel breakout will likely test the 50% Fibonacci level, extremely close to the $0.000020 psychological mark. However, the prevailing downfall, if continued, could test the $0.000010 psychological support.
Also Read: Bitcoin Price Nears Key Resistance at $86,250: Will Bulls Break Through?
