Shiba Inu (SHIB) could see a significant price increase as on-chain metrics suggest a bullish pattern, with positive investor sentiment driving the meme coin towards potential growth.
Shiba Inu Investor Sentiment
Popular memecoin Shiba Inu (SHIB) is currently exhibiting a bullish pattern, hinting at a potential price surge of 42%. This positive outlook is bolstered by decreasing transfers of SHIB to exchanges, indicating growing investor confidence and a reluctance among holders to sell at current prices.
Bullish Signal for SHIB
Despite recent corrections, investor sentiment towards Shiba Inu remains resilient. The decrease in token transfers to exchanges underscores a renewed confidence among holders. Moreover, there’s a notable shift of SHIB tokens from short-term to long-term holders, a transition widely regarded as a bullish signal. Short-term holders, those owning SHIB for less than a month, are transitioning to longer-term positions, holding the asset for up to 12 months, indicating strengthened belief in SHIB’s potential.
40%+ Growth Potential for SHIB
At the time of writing, Shiba Inu is trading at $0.00002892 and is edging closer to the upper boundary of a symmetrical triangle pattern.
If SHIB manages to breach this resistance and sustain trading above it, analysts anticipate a significant price increase of 42%, with SHIB potentially reaching $0.00004205. However, failure to break out could lead to a test of critical support levels, particularly at $0.00002584. Further decline below this level, with a drop to $0.00002268, would invalidate the bullish thesis, posing a challenge to SHIB’s upward momentum.
In conclusion, Shiba Inu’s on-chain metrics, coupled with positive investor sentiment and a transition towards long-term holding, suggest a favorable outlook for the memecoin. Traders are closely monitoring key resistance and support levels, anticipating a potential breakout or a critical support test in the near term.
