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The price of the memecoin Shiba Inu (SHIB) is about to break out of a 20-day consolidation period. While the rest of the market is bullish, SHIB continues to struggle under bearish pressure, but this situation seems likely to change soon. The daily candle on SHIB’s price chart indicates it is very close to breaking out of this horizontal range, and the critical resistance level is likely to be tested once again. Since this critical resistance level has been tested before, a breakout might occur.
Profitability Ratio Increases
While the activity of large investors on SHIB decreases, the profitability ratio has increased. According to data provided by Santiment, the daily trading volume profit-loss ratio has reached its highest level in the last 7 months at 6.45. This indicates that for every SHIB transaction resulting in a loss today, there are 6.45 transactions resulting in a profit. Currently, the data reveals that 72.79% of SHIB investors are still at a loss.
On the other hand, Shiba Inu’s lead developer Shytoshi Kusama shared a “Happy Birthday” gif with the “#Shibarium” tag while celebrating the first year of the SHIB network. In addition to this celebratory post, the successes and ongoing developments of Shibarium in its first year were also highlighted. Following these developments, SHIB’s price increased by 1.5% in the last 24 hours, reaching 0.00001437.
Derivative Data Fuels Bullish Expectations
Data from Coinglass’s Crypto Derivatives Visualizer shows that open interest (OI) has increased by 0.85% in the last 4 hours, with the price also rising during the same period. The increase in both OI and price indicates that investors are opening long positions, expecting the memecoin’s price to rise further.
Technical indicators suggest strong buying pressure on SHIB, but this upward movement might be short-term. If SHIB’s price fails to surpass the 50-day EMA level, the sustainability of this rise could be in jeopardy. On the other hand, if there is a sustainable breakout above the 50-day EMA with increasing volume, a rise towards the 0.00001783 level can be expected.
If the expected breakout does not occur, SHIB’s price could fall to the 0.00001290 level, and the market may continue to remain weak. In this scenario, the current bullish expectation could be canceled, and SHIB’s price might re-enter a downtrend.
