Story Highlights

• Shiba Inu (SHIB) could soar by 30% to reach the $0.000020 level if it holds above $0.00001565.
• Despite the bullish outlook, exchanges have seen inflows of $1.21 million worth of meme coins.

Shiba Inu (SHIB) Overview

Shiba Inu (SHIB), the leading meme coin, is demonstrating strong bullish signals due to a confirmed double-bottom pattern and increasing open interest.

Price Prediction for February 23

Following a significant price drop after Bybit’s $1.4 billion crypto heist, the cryptocurrency market appears to be recovering. Shiba Inu (SHIB), the second-largest meme coin, is expected to gain notable upward momentum due to bullish price action on the daily timeframe.

Technical Analysis

Technical analysis indicates that SHIB is bullish, forming a confirmed double-bottom pattern on its daily chart. Additionally, some technical indicators are showing bullish divergence, which suggests potential for further upward movement.

Moreover, a bullish engulfing candlestick pattern has emerged, reinforcing the bullish outlook.

SHIB Price Prediction

If SHIB closes a daily candle above $0.00001565, it has a strong chance to increase by 30%, potentially reaching the $0.000020 level. The coin already surged 10% to confirm the double-bottom pattern, and if breached, could maintain upward momentum.

Despite this optimistic view, the coin remains below the 200 Exponential Moving Average (EMA) on the daily chart, indicating an ongoing downtrend.

Current Price Momentum

At present, SHIB is trading near $0.00001565 and has increased by over 5.10% in the last 24 hours, despite a 32% drop in trading volume, suggesting reduced trader and investor engagement.

Mixed On-Chain Metrics

The bullish price action has caused a divergence in sentiment among traders and long-term investors. Data from Coinglass indicates that traders are bullish, increasing long positions resulting in a 6% jump in open interest. Conversely, long-term holders are selling off their assets, with exchanges witnessing a $1.21 million net inflow of the meme coin recently.

Overall analysis indicates that bulls currently dominate the asset, and SHIB could be on the verge of a significant price rise.