- Chain measurements revealed that exchanges have seen an outflow of $32 million worth of SHIB.
- At the time of writing, 79.11% of top SHIB traders on Binance held long positions.
Shiba Inu (SHIB) has formed a bullish structure on its daily time frame. This bullish outlook has received a lot of attention from crypto enthusiasts, who seem to have lapped it up.
However, the overall market sentiment seems upbeat but remains stable for now due to recent profit taking.
Factors supporting Shiba Inu’s bullish outlook
The main factors currently supporting SHIB’s bullish outlook are rising investor interest, bullish price action and recent moves by Binance traders.
According to Coinglass, exchanges have seen an outflow of $32 million of SHIB in the last 48 hours. This massive outflow indicates a transfer of assets to wallet holders, potentially creating buying pressure and driving further upward momentum.
Data from on-chain metrics reveals that both long-term holders and traders appeared bullish.
The current Binance SHIBUSDT Long/Short ratio was at 3.79. For every 3.79 long positions, there was only one short position, reflecting strong bullish sentiment among forex traders.
Source: Coinglass
The data further showed that 79.11% of the top SHIB traders on Binance currently held long positions, while 20.89% held short positions.
Shiba Inu (SHIB) Price Action and Technical Analysis
But all this bullish activity from traders and investors is happening while the SHIB is at a level with a strong history of price reversals.
According to AMBCrypto’s technical analysis, memecoin has been trading within a parallel channel pattern for the past 32 days, between $0.000020 and $0.000025.
At the time of writing, the price had reached the lower limit of the channel and appeared poised for upward momentum.
Source: TradingView
SHIB price prediction and current momentum
Based on historical price momentum, SHIB may rise by 20% to reach the upper limit of the bullish channel pattern.
Memecoin’s 4-hour chart has formed a bullish divergence, signaling strong bullish momentum in the coming days.
SHIB’s Relative Strength Index (RSI) is near 45, indicating that memecoin is in oversold territory and could soon see a massive upward rally.
Read Shiba Inus (SHIB) Price Prediction 2025–2026
At press time, SHIB was trading near the $0.000020 level and has experienced a modest price increase of 1.25% in the last 24 hours.
However, its trading volume fell 28% over the same period, indicating lower participation from intraday traders and investors.
