Shiba Inu is approaching a key resistance at $0.0000119 within a bullish falling wedge pattern, signaling a potential 24% breakout.
Long positions dominate SHIB derivatives trading on OKX, with a 2.24 long/short ratio, indicating growing market confidence.
Exchange outflows have surpassed inflows over seven days, showing holders are anticipating a price increase and are avoiding selling.
Shiba Inu (SHIB) showed a mild increase in value on June 28, rising 2.26% over the past 24 hours to reach $0.0000114. The turnover was at 86 million dollars a day, and this is an indication of the revival of activities on the market. This is a price action as SHIB hits an imminent resistance in a falling wedge chart top, which is traditionally a potential game changer in the market direction.
SHIB is currently testing the upper boundary of the wedge at $0.0000119. The token has failed to break through this level for nearly two weeks. This resistance is central to the current price action. If bulls push past this threshold, the price could see a 24% jump.
The calculated breakout target stands at $0.0000148. A more optimistic projection identifies $0.0000177 as a potential target, based on the full height of the pattern.
AO Indicator Shows Weakening Bearish Pressure
The Awesome Oscillator (AO) is currently signaling a potential momentum shift. It has started flashing green, although it remains within negative territory. Such progress is usually seen as a sign of a weaker bearish progression. Further upward pressure would then see AO move to positive levels, and this would correspond with a stronger bullish view of SHIB in the short-term view.
According to the futures data provided by OKX, traders are getting ready to see a potential price rally. The platform's long/short ratio is up to 2.24. This ratio means that there are more than two long positions for a short position. The price has stagnated in recent times, but the open interest is at $131 million. This consistency indicates that traders are expecting a breakout, with traders taking up their positions.
Based on statistics presented by Coinglass, the outflows of SHIB via exchanges topped seven-day inflows. This pattern is an indicator that holders are transferring their tokens off exchanges and, therefore, decreasing the current selling pressure. It also implies chances of gaining renewed confidence in the likelihood of the token reclaiming its prices. This reinforces the technical perspective that shows that there is a potential of an upward breakout.
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