Shiba

Happy

bullish

Kusama

Shiba Inu

Shiba Inu price is on the verge of a breakout from a 20-day consolidation zone. While the rest of the market took off, SHIB struggled to break free from the clutches of the bears. However, this may change soon as the daily candle on the SHIB chart is dangerously close to breaking above the range. The current resistance has been tested once and, therefore, could be stronger. Whale activity is down, but profitability has shot over the roof. Can traders carry Shiba Inu holders back into profit? 
<h2 id="shiba-inu-price-as-kusama-wishes-shibarium-happy-birthday">Shiba Inu Price as Kusama Wishes Shibarium Happy Birthday</h2> 
Shiba Inu lead developer Shytoshi Kusama shared a “Happy Birthday” gif with the caption “#Shibarium” to celebrate the SHIB network turning one year old. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <a href="https://twitter.com/hashtag/shibarium?src=hash&amp;ref_src=twsrc%5Etfw">#shibarium</a> <a href="https://t.co/jNaGiPfWuB">https://t.co/jNaGiPfWuB</a> <a href="https://t.co/1HfcygKNa9">pic.twitter.com/1HfcygKNa9</a> 
 — Shytoshi Kusama<img src="https://s.w.org/images/core/emoji/15.0.3/72x72/2122.png" alt="™" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@ShytoshiKusama) <a href="https://twitter.com/ShytoshiKusama/status/1826755500936962072?ref_src=twsrc%5Etfw">August 22, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Accompanying the celebratory post were highlights of Shibarium’s achievements and ongoing developments. 
Shibarium’s first anniversary came with goodies for SHIB holders as the SHIB price increased by 1.2% over the last 24 hours to trade at $0.00001433. Additionally, the daily transaction volume in profit-to-loss ratio from <a rel="nofollow" href="https://santiment.net/">Santiment</a> analytics hit a 7-month high at 6.45.&nbsp; 
<img decoding="async" class="aligncenter wp-image-213752 size-full" src="https://coingape.com/wp-content/uploads/2024/08/Gaming.net_-e1724405275599.jpg" alt="SHIBA INU " width="1920" height="684" srcset="https://coingape.com/wp-content/uploads/2024/08/Gaming.net_-e1724405275599.jpg 1920w, https://coingape.com/wp-content/uploads/2024/08/Gaming.net_-e1724405275599-300x107.jpg 300w, https://coingape.com/wp-content/uploads/2024/08/Gaming.net_-e1724405275599-1224x436.jpg 1224w, https://coingape.com/wp-content/uploads/2024/08/Gaming.net_-e1724405275599-768x274.jpg 768w, https://coingape.com/wp-content/uploads/2024/08/Gaming.net_-e1724405275599-1536x547.jpg 1536w, https://coingape.com/wp-content/uploads/2024/08/Gaming.net_-e1724405275599-150x53.jpg 150w" sizes="(max-width: 1920px) 100vw, 1920px"> 
For every SHIB transaction that has ended in a loss today, 6.45 transactions have returned a profit, a signal that Shiba Inu holders have recorded more profits today than losses. However, 72.79% of SHIB holders are still in losses, although that might change soon after the anticipated breakout.&nbsp; 
Data from <a rel="nofollow" href="https://www.coinglass.com/">Coinglass</a> Crypto Derivatives Visualizer shows that the open interest (OI) increased by 0.85% in the last 4 hours, while the price also had an uptick over the same duration. When both OI and price rise, it shows traders are entering long positions because they think the price of SHIB will rise higher. 
<img decoding="async" class="aligncenter size-full wp-image-213751" src="https://coingape.com/wp-content/uploads/2024/08/SHIB-OI.png" alt="SHIB OI" width="1434" height="604" srcset="https://coingape.com/wp-content/uploads/2024/08/SHIB-OI.png 1434w, https://coingape.com/wp-content/uploads/2024/08/SHIB-OI-300x126.png 300w, https://coingape.com/wp-content/uploads/2024/08/SHIB-OI-1224x516.png 1224w, https://coingape.com/wp-content/uploads/2024/08/SHIB-OI-768x323.png 768w, https://coingape.com/wp-content/uploads/2024/08/SHIB-OI-150x63.png 150w" sizes="(max-width: 1434px) 100vw, 1434px"> 
As mentioned earlier, Shiba Inu price action reflects bullish sentiment as traders continue to bet on it to surge higher.&nbsp; 
<h2 id="shib-price-wants-to-breakout">SHIB Price Wants to Breakout</h2> 
Shiba Inu price action shows a potential reversal from a recent downtrend, with prices consolidating within a horizontal range. The emergence of a bullish structure is evident, with <a href="https://coingape.com/price/shiba-inu/">SHIB price</a> breaking above its 21-day EMA (red line), signaling a possible shift in momentum from bearish to bullish. 
If it breaks out of the range, Shiba Inu will likely encounter resistance around $0.00001450 and $0.00001554. Beyond this, the next major resistance is located around $0.00001783.&nbsp; 
The technical indicators suggest that SHIB has strong buying pressure, but the upward price movement may be short-term if the price fails to break above the 50-day EMA. 
A sustained breakout above the 50-day EMA with increased volume may confirm a longer-term bullish reversal with a long-term target around $0.00001783. 
<figure id="attachment_213750" aria-describedby="caption-attachment-213750" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-213750" src="https://coingape.com/wp-content/uploads/2024/08/Shiba-Inu-Price-Analysis-Chart.png" alt="Shiba Inu Price Analysis Chart" width="1815" height="764" srcset="https://coingape.com/wp-content/uploads/2024/08/Shiba-Inu-Price-Analysis-Chart.png 1815w, https://coingape.com/wp-content/uploads/2024/08/Shiba-Inu-Price-Analysis-Chart-300x126.png 300w, https://coingape.com/wp-content/uploads/2024/08/Shiba-Inu-Price-Analysis-Chart-1224x515.png 1224w, https://coingape.com/wp-content/uploads/2024/08/Shiba-Inu-Price-Analysis-Chart-768x323.png 768w, https://coingape.com/wp-content/uploads/2024/08/Shiba-Inu-Price-Analysis-Chart-1536x647.png 1536w, https://coingape.com/wp-content/uploads/2024/08/Shiba-Inu-Price-Analysis-Chart-150x63.png 150w" sizes="(max-width: 1815px) 100vw, 1815px">
 <figcaption id="caption-attachment-213750" class="wp-caption-text">
 Shiba Inu Price Analysis Chart
 </figcaption>
</figure> 
<a href="https://coingape.com/price-predictions/shiba-inu-shib-price-prediction/">Shiba Inu price prediction</a> shows that if it fails to break out of the range, it may drop lower to $0.00001290 as the market will be weak. It may risk dropping out, which would invalidate the current bullish sentiment.&nbsp; 
The post <a href="https://coingape.com/markets/shiba-inu-price-analysis-traders-push-for-a-22-breakout/">Shiba Inu Price Analysis Hints 22% Break After Traders Push</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Shiba Inu Price Analysis Hints 22% Break After Traders Push

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