Shiba Inu (SHIB) surged 8% on Wednesday, trading at $0.000015, marking a 15% weekly gain. On-chain data reveals a 228% spike in SHIB trading volume over 30 days, fueling bullish sentiment. Technical indicators suggest sustained upward momentum as traders increase long positions.
Surging Trading Volume Reflects Growing Bullish Bets
ShibaSwap, SHIB’s decentralized exchange (DEX), reported a 228% rise in trading volume over the past month, signaling heightened trader interest and liquidity. This surge strengthens the platform’s bullish outlook.
Coinglass data further supports optimism: SHIB’s long/short ratio stands at 1.08, nearing its monthly peak. A ratio above 1 indicates dominant bullish sentiment as traders bet on price appreciation.
Technical Outlook: SHIB Targets $0.000016 Resistance
SHIB broke through a descending trendline last week (drawn from December highs) and established support. The RSI (61) and MACD’s bullish crossover on the daily chart reinforce upward potential. Key levels:
- Upside Target: $0.000016
- Downside Risk: A close below $0.000012 could retest the March low of $0.000010.
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FAQ Section
Q: Why is SHIB’s trading volume significant?
A: Rising volume indicates stronger market participation, often preceding price movements.
Q: What does a long/short ratio above 1 mean?
A: More traders are betting on price increases than decreases, signaling bullish sentiment.
Q: Could SHIB hit $0.000016 soon?
A: Yes, if buying pressure persists and key resistance levels break.
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