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SHIB Breakout Alert! Can Shiba Inu Rally 45% to $0.000020?
Recently, Shiba Inu (SHIB), the popular meme coin, has been making headlines with its impressive price momentum. The coin’s recent break out from a descending trendline and bullish inverted head and shoulders pattern has caught many off guard, leading to a significant surge in value.
As per our analysis at CoinPedia, if SHIB’s price continues to rise and closes a daily candle above the $0.0000138 level, there is a strong possibility that the meme coin could surge by 45% to reach the $0.000020 level in the future.
It is worth noting that SHIB remains below the 200 Exponential Moving Average (EMA) on the daily time frame, which suggests it’s still in a downtrend. However, this positive development highlights the potential for SHIB to rise significantly.
Currently, SHIB is trading near $0.0000139, with a significant 2% price surge over the past 24 hours. Additionally, the meme coin’s trading volume has increased by 6% during the same period, indicating heightened participation from traders and investors compared to the previous day.
It is essential to note that intraday traders appear to be strongly betting on the long side, as reported by Coinglass . Data reveals that traders are currently over-leveraged at $0.0000132 on the lower side and $0.00001413 on the upper side, having built $1 million in long positions and $270.50K in short positions.
Source: https://coinpedia.org/price-analysis/shib-breakout-alert-can-shiba-inu-rally-45-to-0-000020/
