Key Insights:
- Expert’s bullish forecast suggests SHIB could jump to $0.00004 mark, at least.
- Shiba Inu price could soar by 30% if it maintains above the key support level of $0.00001237.
- Traders are currently over-leveraged at $0.0000129 on the lower side and $0.00001345 on the upper side.
After a notable price decline in recent days, SHIB is showing early signs of a bullish reversal. The recent price action reflects growing investor interest and a potential 30% upside, fueled by renewed optimism in the meme coin market.
Bullish Expert Outlook
A well-known crypto expert recently shared a bullish prediction on X, claiming SHIB could see a significant pump in the coming week. According to the post, $0.00004 is the minimum target, drawing attention from meme coin enthusiasts and retail traders alike.
At press time, SHIB was trading near $0.00001316 and had recorded a drop of over 9% over the past 24 hours. During this period, the Shiba Inu price hit an intraday high of $0.00001345. Meanwhile, trading volume fell around 1.4%.
Technical Analysis: SHIB Flashes Bullish Signals
According to expert technical analysis, SHIB appears bullish as it has retested the key support level of $0.00001237 with three consecutive green candles. This successful retest signals strength, which the meme coin is currently displaying on the daily chart.
Based on the recent price action, if the current market sentiment remains unchanged and SHIB holds above $0.00001234, a bullish rally could be confirmed. If this happens, there is a strong possibility that the Shiba Inu price could initially rise by 11% and eventually by 30%.
However, if sentiment weakens amid market uncertainty, the Shiba Inu price could drop by 17% and fall to the $0.000010 level.
As of now, the 200-day Exponential Moving Average (EMA) is above the SHIB price, indicating that the asset is in a downtrend on the higher time frame.
Meanwhile, SHIB’s Relative Strength Index (RSI) stands at 41.89, indicating that the asset is currently in a neutral zone, leaning slightly toward the oversold territory. This may suggest weakening bearish momentum or the potential for a reversal if buying pressure increases.
Bullish On-Chain Metrics
With the shift in market sentiment and bullish price action, SHIB traders and investors have been strongly betting on the bullish side, according to CoinGlass data.
Data shows that exchanges have been continuously experiencing SHIB outflows since the price reached the key support level. The spot inflow/outflow metric indicates that over $1.15 million worth of SHIB meme coin has been withdrawn from exchanges.
This substantial outflow during the ongoing market recovery signals potential accumulation by investors and long-term holders. Additionally, these metrics not only indicate a bullish sign but also raise questions about whether it is the right time to buy.
Traders are currently over-leveraged at $0.0000129 on the lower side (support) and $0.00001345 on the upper side (resistance). At these levels, they have built $621.55k worth of long positions and $180.67k worth of short positions.
Analyzing these levels suggests that the bulls have been dominating the meme coin and appear to be pushing the Shiba Inu price higher.