Shiba Inu (SHIB) is showing significant upside potential despite the recent declines in the cryptocurrency market. SHIB has formed a bullish falling wedge formation on the weekly charts, suggesting that a breakout could be imminent. Additionally, SHIB’s Open Interest has increased by 11% in the past 24 hours, indicating increasing investor interest.
While a downtrend has been observed in the broader cryptocurrency market since August 2024, Shiba Inu (SHIB) has managed to develop a bullish pattern that has caught the attention of analysts. Technical analysis reveals a falling wedge pattern that exhibits an uptrend on the weekly timeframe, indicating a potential price breakout.
If there is a breakout from this formation, SHIB’s price could reach the $0.0000324 level or higher. This scenario could be strengthened by the weekly candle closing above the critical $0.0000155 level. Currently, SHIB is trading at $0.000012, which it saw as a key support level in February 2024, and a retest of this level could trigger a potential rally.
Despite a 35% drop in trading volume over the past 24 hours, SHIB’s Open Interest has increased by 11%, according to on-chain analytics firm Coinglass, suggesting increased investor interest despite the overall market downturn.
According to IntoTheBlock’s analysis, approximately 60.19% of SHIB’s total circulating supply is controlled by seven big whales and 12.84% is held by 43 big investors (sharks). This concentration suggests that big investors have a high degree of influence over SHIB’s market movements, potentially leading to price manipulations.
Crypto analyst Javon Marks highlighted SHIB’s bullish momentum and possible breakout on social media, predicting that the price could surge towards the $0.000081 level. Despite the currently low trading volume, the strengthening support level and rising Open Interest could fuel a positive market sentiment among investors.
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I EXPLAIN IN DETAILED.
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