Shiba

Based

bullish

Shiba Inu

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/shiba-inus-breakout-nears" data-wpel-link="internal" rel="noopener noreferrer nofollow">Shiba Inu’s Breakout Nears</a><br></p>
<p style="text-align: justify">Shiba Inu (SHIB) is on the verge of escaping a 20-day consolidation period. Despite a generally bullish market, SHIB has faced persistent bearish pressures. However, recent indicators suggest a potential shift. The daily candle on SHIB’s price chart is approaching a crucial resistance level, which has been tested previously, hinting at a possible breakout.</p>
<h2 id="why-is-profitability-ratio-rising">Why is Profitability Ratio Rising?</h2>
<p style="text-align: justify">Large <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">investors</a> have reduced their activity in SHIB, yet the coin’s profitability ratio has surged. Data from Santiment reveals that the daily trading volume profit-loss ratio reached its highest point in seven months at 6.45. This means for every loss-making SHIB transaction today, there are 6.45 profit-making transactions. Nevertheless, 72.79% of SHIB investors are still experiencing losses.</p>
<p style="text-align: justify">In addition, Shiba Inu’s lead developer, Shytoshi Kusama, marked the first year of the SHIB network with a celebratory “Happy Birthday” gif tagged “#Shibarium.” This celebration coincided with ongoing developments and achievements in Shibarium, contributing to a 1.5% increase in SHIB’s price over the past 24 hours, now standing at 0.00001437.</p>
<h2 id="what-do-derivative-data-indicate">What Do Derivative Data Indicate?</h2>
<p style="text-align: justify">Data from Coinglass’s Crypto Derivatives Visualizer shows a 0.85% increase in open interest (OI) over the last four hours, accompanied by a rise in price. This increase suggests that investors are opening long positions, anticipating a further price increase for the <a href="https://en.bitcoinhaber.net/meme-coin-momentum-grabs-investor-attention-in-crypto-sphere" data-wpel-link="internal" rel="noopener noreferrer nofollow">memecoin</a>.</p>
<h2 id="key-inferences-for-investors">Key Inferences for Investors</h2>
<p style="text-align: justify">Based on current market data, here are some actionable insights for investors:</p>
<ul>
 <li>A potential breakout could lead SHIB’s price towards the 0.00001783 level if it surpasses the 50-day EMA with increasing volume.</li>
 <li>If SHIB fails to break the 50-day EMA, the upward trend might be short-lived.</li>
 <li>A fall back to the 0.00001290 level is possible if the breakout does not occur, signaling a return to a bearish trend.</li>
</ul>
<p style="text-align: justify">Technical indicators are showing strong buying pressure for SHIB, but caution is advised. The coin’s immediate <a href="https://newslinker.co/what-are-the-future-technologies/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">future</a> hinges on its ability to surpass key resistance levels.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/shiba-inus-breakout-nears" data-wpel-link="internal" rel="noopener noreferrer nofollow">Shiba Inu’s Breakout Nears</a></h5>

Shiba Inu’s Breakout Nears

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