Shiba Inu (SHIB) has successfully formed a bullish price action pattern since August 2024 as the broader cryptocurrency market has seen a decline, and analysts are keeping a close eye on it. Technical analysis shows a bullish falling wedge pattern on the weekly timeframe, which suggests a possible breakout.

Key Levels and Technical Indicators

A breakout from the current pattern could propel SHIB to $0.0000324 or higher, provided its weekly candle closes above the key $0.0000155 mark. Currently, SHIB is trading near key support at $0.000012, a level that was last breached in February 2024. A retest of this support could help spark a rally.

Despite a 35% drop in trading volume over the past 24 hours, SHIB’s open interest has grown by 11%. This rise indicates growing investor interest, in stark contrast to the decline in overall market participation.

About 60.19% of SHIB’s total circulating supply is controlled by 7 “whales”, while another 12.84% is controlled by 43 major investors or “sharks”. This concentration suggests that large holders are highly influential on SHIB’s market movements, which could lead to significant price manipulation.

Market Sentiment and Future Outlook

SHIB’s bullish momentum and impending breakout are forecast to surge to the $0.000081 level. Despite the current low trading volume, strengthening support levels and rising open interest could fuel bullish sentiment among investors.

Conclusion

In summary, Shiba Inu (SHIB) shows good signs of a significant upside, driven by rising technical indicators and investor interest. While a breakout from the current pattern could push SHIB to new highs, traders should keep a close eye on key support and resistance levels to get a full picture of the market outlook.