Shiba Inu (SHIB) Price Momentum Stuns the Market as the Meme Coin Prepares to Explode

Shiba Inu (SHIB), the popular dog-themed meme coin, is making waves with its recent price momentum following the formation of a bullish price action pattern

Shiba Inu (SHIB) price has been displaying interesting price action on the daily chart, forming an breakout from a bullish inverted head and shoulders pattern.

This breakout has been supported by a breakout from a descending trendline that was acting as a resistance level.

After bouncing off the 0.0000108 support, SHIB price broke above the neckline of the inverted head and shoulders pattern, which was being formed since December 2022.

This breakout was further confirmed by a breakout from the descending trendline that began in August 2023.

As SHIB price continues to rally, it is approaching the 200 Exponential Moving Average (EMA), which could be a crucial factor in determining the next stage of the trend.

If SHIB price manages to close a daily candle above the 0.0000138 level, there is a high possibility that it could surge by 45% to reach the 0.000020 level in the future.

Shiba Inu Technical Analysis

On the daily chart, SHIB price is currently in an uptrend after breaking out of the bullish inverted head and shoulders pattern.

This breakout was also supported by a breakout from the descending trendline, which is a common price action pattern used in technical analysis to identify the direction of a trend.

If we analyze the chart further, we can see that SHIB price is still below the 200 EMA, which is a crucial technical indicator that is often used to identify the strength of a trend.

A breakout above the 200 EMA could be a strong signal for traders that the uptrend is set to continue.

If we look at the Relative Strength Index (RSI), we can see that it is currently at 55, which suggests that SHIB price has enough room to rise significantly.

The RSI is a momentum indicator that is used to measure the speed and magnitude of price changes.

Key Liquidation Levels

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.

According to the latest data from Coinglass, traders are currently over-leveraged at 0.0000132 on the lower side and 0.00001413 on the upper side.

They have already 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.