Shiba Inu’s open interest rate is 13%, analyst hints at 500% rally
An analyst shares an optimistic view of Shiba Inu (SHIB) amid ongoing challenges in the cryptocurrency landscape. In a post on X (formerly Twitter), the analyst suggested that SHIB is on the verge of breaking out of a massive bullish bearish wedge price pattern on the daily time frame.
Near Shiba Inu Breakout
This crash could lead to a massive increase of almost 500% in the coming days. They also pointed out that SHIB's bullish crash is being confirmed by the recent bullish divergence, which may indicate an upcoming bullish crash.
However, SHIB's last huge rally was seen in February 2024, following the approval of the position Bitcoin Exchange Traded Fund (ETF) in the United States. Since then, it has been falling steadily and experienced a price drop of more than 70 percent. Despite this steep price drop over the past four months, SHIB remains the second largest meme coin in the crypto market with a market cap of over $7.85 billion.
As mentioned in the post on X, if SHIB experiences the breakout of this high price action pattern in the coming days, there is a high probability that it will reach the $0.000081 level.
SHIB price analysis
As of now, SHIB is trading near the $0.00000133 level and has experienced a price increase of over 1% in the last 24 hours. Meanwhile, trading volume fell by 50%, indicating low trader participation due to continued selling pressure.
SHIB price forecast
According to expert technical analysis, SHIB is trading below 200 Exponential Moving Average (EMA) on daily time frame. However, until SHIB closes the weekly candle above the $0.0000183 level, it will be very difficult to experience a significant resistance rally.
Investor interest has been increasing in the last 24 hours. SHIB's open interest rose 13 percent, indicating strong interest from investors, according to CoinGlass, an analyst firm on the chain.
