Shiba Inu (SHIB) Breaks Out From Descending Trendline, Targeting $0.000020

Following the breakout, SHIB turned bullish, partially shifting its market sentiment from a downtrend to an uptrend.

Shiba Inu (SHIB) price has shown promising signs of recovery in recent days, breaking out from a descending trendline resistance and confirming a breakout from a bullish inverted head and shoulders pattern on the daily time frame.

As the meme coin continues to move upwards, it could be setting the stage for a 45% price surge in the coming days, according to CoinPedia's price prediction.

The breakout from the trendline, which began on June 28, has partially shifted Shiba Inu's market sentiment from a downtrend to an uptrend.

If the price closes a daily candle above the $0.0000138 level, there is a strong possibility that SHIB could rally to the $0.000020 level, marking a 45% surge from the current price.

However, it's important to note that Shiba Inu remains below the 200 Exponential Moving Average (EMA) on the daily time frame, which might keep the meme coin in a downtrend despite the recent bullish momentum.

The Relative Strength Index (RSI) for SHIB is currently at 55, highlighting strong momentum for the meme coin and leaving sufficient room for a substantial rise.

At the time of writing, SHIB is trading at $0.0000139, showing an increase of more than 2% over the past 24 hours.

The trading volume has also gone up by 6% during the same period, indicating greater participation from traders and investors compared to the previous day.

With this bullish price action, intraday traders appear to be strongly betting on the long side, as reported by the on-chain analytics firm Coinglass.

The data reveals that traders are currently over-leveraged at $0.0000132 on the lower side and $00001413 on the upper side, having built $1 million in long positions and $270.50K in short positions.

This over-leveraged level suggests that bulls are currently dominating the asset and could support the meme coin in its upcoming rally.