Shiba Inu Price Outlook: 24% Breakout Rally Looms Amid Long Bias, Exchange Outflows

Shiba Inu (SHIB) is trading at $0.0000114 today, June 28, with a slight 2.26% gain in 24 hours and $86 million in daily trading volumes. A bullish technical structure signals that the Shiba Inu price may be on the verge of a 24% breakout rally. Meanwhile, long traders on OKX seem to be positioning themselves for an upswing, while exchange outflows show that some sellers are becoming hesitant.

Shiba Inu Price Targets 24% Breakout Rally

SHIB price might be on the verge of a 24% breakout rally as bulls target the resistance at the upper trendline of a falling wedge pattern. This resistance level lies at $0.0000119, which the Shiba Inu meme token has been unable to break for nearly two weeks.

A falling wedge usually indicates that bears are about to lose control over SHIB’s performance, and bulls could soon be in control. If today’s gains create a gradual uptrend, the falling wedge resistance at $0.0000119 may be overcome soon, giving room to a strong recovery.

The potential target price for SHIB after this wedge breakout is $0.0000148, which will be achieved if this top meme coin records a rally that is equal to the height of the pattern. A more exaggerated bullish target lies at the top of this bullish pattern at $0.0000177.

The AO indicator is supporting this near-term Shiba Inu price prediction as it turns green within the negative zone, which is a sign that the bearish sentiment is becoming weaker. If this continues and the indicator finally crosses above the zero line, it will support notable gains.

SHIB Longs Surge Amid Exchange Outflows

Futures traders on the OKX exchange seem to be positioning for a massive Shiba Inu price rally as the long/short ratio reaches 2.24. This indicates that for every two long positions, there is one short position.

Overall, the long/short ratio stands at a neutral level of 1, indicating that despite the ongoing price weakness, SHIB traders are bullish on a recovery. Moreover, the open interest remains unchanged at $131 million, signaling that traders are holding their positions despite uncertainty.

This long/short ratio is bullish, and with the market sentiment being positive, it signals that the Shiba Inu price could make a strong move upwards. Moreover, spot market data from Coinglass, specifically exchange outflows, show that traders are holding their tokens and are unwilling to sell at the current price. In the last seven days, exchange outflows have outpaced inflows, signalling that SHIB is targeting a strong recovery.

Considering the formation of a bullish technical structure depicted by the falling wedge, futures and spot traders may be awaiting a Shiba Inu price recovery. These factors suggest that a strong breakout rally is imminent.