- SHIB could soar 100% to the $0.0000324 level or even higher if it closes a weekly candle above the $0.0000155 level.
SHIB’s Open Interest in the last 24 hours has increased by 11%, indicating higher interest from investors.
As a seasoned analyst with over a decade of experience in the volatile world of cryptocurrencies, I must admit that predicting the exact trajectory of any digital asset is like trying to catch smoke with a net – it’s tricky and often elusive! However, based on the current technical analysis of Shiba Inu (SHIB), I am cautiously optimistic about its potential.
Starting from August 2024, there’s been a general decline in the cryptocurrency market. This dip is mainly due to repeated decreases in the prices of numerous different cryptocurrencies.
As a researcher studying the cryptocurrency market, I’ve noticed an intriguing development with Shiba Inu [SHIB], currently the second-largest memecoin globally. On a weekly chart, it appears to be forming a bullish price action pattern, which suggests a possible substantial price surge in the near future.
SHIB’s bullish price action
According to an examination of its price movement and technical indicators, Shiba Inu (SHIB) appears to have developed a bullish “falling wedge” pattern over a weekly timeframe. This pattern, near a potential breakout, might happen quite soon.
Should the Shiba Inu coin (SHIB) exhibit a strong bullish trend, it’s likely that its value might surge by approximately 100%, potentially reaching the level of $0.0000324 or possibly beyond.
But it’s important to note that while the breakout is significant, it isn’t the sole indicator of SHIB‘s bullishness; equally crucial is the weekly candle closing above the $0.0000155 mark as well.
Currently, at the present moment, Shiba Inu (SHIB) is situated at a vital support point around $0.000012, apart from the descending triangle formation. The last instance SHIB dipped below this level was in February 2024 – not a repeat of that event.
Consequently, the persistent decrease in prices has prompted a retest, potentially setting the stage for an imminent surge in SHIB.
Moreover, cryptocurrency analyst Javon Marks recently shared on his platform (previously Twitter) that Shiba Inu (SHIB) appears to be bullish and approaching a potential breakout point. Interestingly, he observed that this positive forecast aligns with the pattern of bullish divergence.
According to the expert’s analysis, if Shiba Inu (SHIB) manages to burst through its descending triangle pattern, it might reach the price point of $0.000081.
Rise of Open Interest
Currently, Shiba Inu (SHIB) is close to being priced at approximately $0.0000133 per token. Over the past day, its value has seen an increase of more than 1%.
Over the specified timeframe, I’ve observed a notable decrease of approximately 35% in trading volume. This suggests reduced engagement from both traders and investors, potentially signaling a shift in market dynamics.
Despite this, SHIB’s Open Interest had increased by 11% in the last 24 hours, according to the on-chain analytic firm Coinglass.
Whale concentration
As I pen down these findings, it’s evident that approximately 60.19% of the current Shiba Inu (SHIB) coin supply is controlled by seven substantial investors, often referred to as ‘whales’. Meanwhile, a slightly smaller yet significant group, consisting of 43 entities, are holding about 12.84% of the total supply, which we typically categorize as ‘sharks’.
Approximately 26.96% of Shiba Inu’s total supply is currently held by individual investors, as reported by data analysis company IntoTheBlock.
As a crypto investor, I’ve noticed that a significant amount of Shiba Inu (SHIB) coins are held by a few large-scale investors, often referred to as whales and sharks. This concentration in their hands raises a red flag because they have the power to significantly influence prices through their buying and selling actions, which can potentially lead to market manipulation.
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2024-08-18 18:16