Exciting news for Shiba Inu (SHIB) fans! The leading meme coin seems to be gearing up for a strong bullish run. It’s showing off a confirmed double-bottom pattern, and interest in SHIB is on the rise.

Shiba Inu (SHIB) Price Prediction: What to Expect on February 23rd

After the recent market dip following Bybit’s $1.4 billion crypto incident, things are starting to look up for the crypto world. And Shiba Inu (SHIB), that beloved second-largest meme coin, is particularly interesting right now. It’s showing signs of making a big move upwards, with a bullish price pattern taking shape on the daily charts.

Shiba Inu (SHIB) Technical Analysis 

Technical experts are pointing towards a bullish outlook for Shiba Inu (SHIB).  The daily chart is clearly displaying a bullish double-bottom pattern, which is a positive sign. Adding to this optimism, technical indicators are also showing a bullish divergence, suggesting upward momentum is building.

To further reinforce this positive view, Shiba Inu (SHIB) has also formed a bullish engulfing candlestick pattern. This is like adding fuel to the fire for its bullish potential!

Shiba Inu (SHIB) Price Prediction 

Looking at the recent price movements and past trends, if Shiba Inu (SHIB) can close a daily trading session above the $0.00001565 mark, we could see a significant jump of around 30%, potentially reaching the $0.000020 level.

The initial rally already saw the meme coin climb 10%, confirming that double-bottom pattern. Once this pattern truly breaks out, SHIB might just keep going upwards towards that $0.000020 target.

However, it’s worth noting that despite all this bullish momentum, Shiba Inu (SHIB) is still trading below the 200 Exponential Moving Average (EMA) on the daily chart. This suggests that overall, it’s still in a downtrend for now.

Current Price Momentum 

Currently, SHIB is trading near $0.00001565 and has seen a nice increase of over 5.10% in the last 24 hours. Interestingly though, its trading volume has decreased by 32% during the same period. This indicates there’s less activity from traders and investors compared to yesterday.

Mixed On-Chain Metrics 

With this positive price action, it seems like short-term traders and long-term holders have different opinions right now. Data from Coinglass indicates that traders are feeling bullish. They seem to be jumping on the current price momentum, increasing their long positions, which has led to a 6% rise in SHIB’s open interest.

On the other hand, it appears long-term holders might be taking profits. Data shows that exchanges have seen an inflow of $1.21 million worth of SHIB tokens in the past 24 hours, possibly signaling a sell-off from these holders.

Putting together all these pieces – the technical analysis and the on-chain data – it seems like the bulls are in control right now. Get ready, because Shiba Inu might just be about to take off!