• On-chain metrics revealed that exchanges have witnessed an outflow of $32 million worth of SHIB.
• At the time of writing 79.11% of top SHIB traders on Binance held long positions.

Shiba Inu [SHIB] has formed a bullish structure on its daily time frame. This bullish outlook has been gaining significant attention from crypto enthusiasts, who seem to be accumulating it.

However, the overall market sentiment appears optimistic but remains stable at the moment due to recent profit-taking.

Factors supporting Shiba Inu’s bullish outlook

The major factors currently supporting SHIB’s bullish outlook are rising investor interest, bullish price action, and recent bets by Binance traders.

According to Coinglass, exchanges have witnessed an outflow of $32 million worth of SHIB in the past 48 hours. This massive outflow indicates a transfer of assets to wallet holders, potentially creating buying pressure and driving further upward momentum.

Data from on-chain metrics reveals that both long-term holders and traders appeared bullish.

The current Binance SHIBUSDT Long/Short ratio stood at 3.79. For every 3.79 long positions, there was only one short position, reflecting strong bullish sentiment among traders.

Data further revealed that 79.11% of top SHIB traders on Binance currently held long positions, while 20.89% hold short positions.

Shiba Inu (SHIB) price action and technical analysis

However, all this bullish activity by traders and investors is occurring while SHIB is at a level with a strong history of price reversals.

According to AMBCrypto’s technical analysis, the memecoin has been trading within a parallel channel pattern for the last 32 days, ranging between $0.000020 and $0.000025.

At the time of writing, the price had reached the lower bou

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Author: Vivaan Acharya