shiba reaches 1 billion transactions, Shiba Inu targets $0.000020

#shiba Shiba Inu is preparing for a bullish return after rising over 5% in 24 hours. It is the second-largest meme coin in its sector, with a market cap of $7.49 billion.

SHIB tokens are trading at $0.00001271, maintaining dominance above $0.000010. Will it regain the psychological high of $0.000020? Find out.

Shiba Inu Price Analysis $SHIba

The price trend of Shiba Inu shows a channel pattern on the daily chart. Within the channel pattern, the meme coin is bullishly dominant at $0.000012.

Shiba Inu suggests a morning star pattern with a 2.61% recovery during the day after Monday's doji. With a 24-hour high of $0.00001297, the meme coin risks a rejection higher than the 20-day EMA average.

The 20, 50, 100, and 200-day EMA lines on the daily chart provide dynamic resistance. They also show the negative trend of Shiba Inu prices.

The MACD and signal lines are approaching a bearish crossover as the short-term recovery fails to break the local resistance trendline. Therefore, the technical signal indicates increasing negative momentum.

Shiba Inu futures contracts

With the short-term bullish recovery, traders are betting on Shiba Inu futures contracts. Open interest has increased by 3.47% to $121.57 million.

At 1.0321, the long-to-short contract ratio is steadily increasing. The number of long contracts has gradually risen.

Bullish sentiment has raised the funding rate to 0.0073%. Thus, research into Shiba Inu derivatives shows an increase in traders' expectations for a significant rise.

Shibarim has over 1 billion transactions on-chain, supporting a significant recovery in SHIB prices. Community support has helped the network reach this achievement.

Furthermore, IntoTheBlock data shows an increase in large transaction volumes. Large transactions rose from $12.58 million to $45.53 million over 7 days.

The current resistance is the bullish battle at the 20-day EMA average at $0.000013. A channel breakout may challenge the 50% Fibonacci level, which is very close to $0.000020. If the current decline continues, the psychological support may be tested at $0.000010.#shiba⚡