Shiba

Rally

bullish

Shiba Inu

<p>The post <a href="https://coinpedia.org/price-analysis/shiba-inus-open-interest-spikes-13-analyst-foresees-500-rally/" rel="noopener noreferrer nofollow">Shiba Inu’s Open Interest Spikes 13%, Analyst Foresees 500% Rally</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>Amid the ongoing challenges in the cryptocurrency landscape, an analyst has shared a bullish outlook for Shiba Inu (SHIB). In a post on X (previously Twitter), the analyst noted that SHIB is on the verge of breaking out of a massive bullish falling wedge price action pattern on a daily time frame.&nbsp;</p>
<h2 class="wp-block-heading" id="h-shiba-inu-near-breakout-nbsp"><strong>Shiba Inu Near Breakout&nbsp;</strong></h2>
<p>This breakout could potentially lead to a significant rise of nearly 500% in the coming days. He also noted that SHIB’s bullish breakout is being confirmed by a recent bullish divergence, which could indicate an upcoming bullish breakout.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24SHIB&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$SHIB</a> (Shiba Inu)'s ≈6X:<br><br>Prices of Shiba are currently nearing the converging or breakout point of a massive Falling Wedge pattern on the daily (1d Chart) and with a recent confirmation of a Regular Bullish Divergence, this can be pointing to a bullish breakout!<br><br>This can spark… <a href="https://t.co/sAUSyrH4q0" rel="noopener noreferrer nofollow">pic.twitter.com/sAUSyrH4q0</a></p>— JAVON <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/26a1.png" alt="⚡" class="wp-smiley" style="height: 1em; max-height: 1em;">MARKS (@JavonTM1) <a href="https://twitter.com/JavonTM1/status/1824799230873010438?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 17, 2024</a>
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<p>However, SHIB’s last massive rally was seen in February 2024, following the approval of the spot Bitcoin Exchange Traded Fund (ETF) in the United States. Since then, it has been in continuously falling and experienced a price decline of over 70%. Despite this significant price decline over the past four months, SHIB remains the <a href="https://coinpedia.org/price-prediction/shiba-inu-price-prediction/" rel="noopener noreferrer nofollow">second-largest meme coin</a> in the crypto market with a market cap of over $7.85 billion.</p>
<p>As per the post on X, if SHIB experiences the breakout of this bullish price action pattern in the coming days, there is a high possibility it could hit the $0.000081 level.</p>
<h3 class="wp-block-heading" id="h-shib-price-analysis"><strong>SHIB Price Analysis</strong></h3>
<p>As of now, SHIB is trading near the $0.00000133 level and has experienced a price surge of over 1% in the last 24 hours. Meanwhile, its trading volume has dropped by 50% during the same period, suggesting lower participation from traders potentially due to the ongoing selling pressure.</p>
<h2 class="wp-block-heading" id="h-shib-price-prediction-nbsp"><strong>SHIB Price Prediction&nbsp;</strong></h2>
<p>According to expert technical analysis, SHIB is in a downtrend as it is trading below the 200 Exponential Moving Average (EMA) on a daily time frame. However, it will be very difficult for the SHIB to experience a significant upside rally until it closes a weekly candle above the $0.0000183 level.</p>
<figure class="wp-block-image size-large"><a href="https://image.coinpedia.org/wp-content/uploads/2024/08/18005726/SHIBUSDT_2024-08-18_00-56-55.png" rel="noopener noreferrer nofollow"><img decoding="async" width="1024" height="449" src="https://image.coinpedia.org/wp-content/uploads/2024/08/18005726/SHIBUSDT_2024-08-18_00-56-55-1024x449.png" alt="" class="wp-image-339762" srcset="https://image.coinpedia.org/wp-content/uploads/2024/08/18005726/SHIBUSDT_2024-08-18_00-56-55-1024x449.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/08/18005726/SHIBUSDT_2024-08-18_00-56-55-300x131.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/08/18005726/SHIBUSDT_2024-08-18_00-56-55-768x336.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/08/18005726/SHIBUSDT_2024-08-18_00-56-55-1536x673.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/08/18005726/SHIBUSDT_2024-08-18_00-56-55-150x66.png 150w, https://image.coinpedia.org/wp-content/uploads/2024/08/18005726/SHIBUSDT_2024-08-18_00-56-55.png 1824w" sizes="(max-width: 1024px) 100vw, 1024px"></a>
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  Source: Trading View
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<p>Whereas, investors’ interest in the last 24 hours is increasing. According to the on-chain analytic firm Coinglass, SHIB’s open interest has increased by 13% which hints at higher interest from investors.</p>

Shiba Inu’s Open Interest Spikes 13%, Analyst Foresees 500% Rally

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