Shiba

Inu Inu

bullish

Shiba Inu

On Monday during U.S trading hours, the cryptocurrency market witnessed a quick spike in supply pressure, reflected in Bitcoin’s sudden reversal from $70000. The selling momentum spread quickly to the meme cryptocurrency sectors due to their volatility prolonging the consolidation trend since last week. The Shiba Inu is down 0.3% today and a high wick rejection at major resistance hints potential downswing.
<h2 id="b-shiba-inu-price-faces-bearish-sentiment-despite-increased-futures-interest-b">Shiba Inu Price Faces Bearish Sentiment Despite Increased Futures Interest</h2>
For the past two weeks, the Dog-themed <a href="https://coingape.com/meme-coin/" rel="noopener noreferrer nofollow">memecoin</a> Shiba Inu Inu has been underperforming in the broader market recovery. From the July 16th peak of $0.00002, the SHIB price plunged 16.8% to trade at $0.0000167, while the market cap plunged to $9.89 Billion.
The <a href="https://coingape.com/price/shiba-inu/" rel="noopener noreferrer nofollow">Shiba Inu price</a> below the daily EMAs (20, 50, 100, and 200) indicates the path to least resistance is down. Moreover, the momentum indicator RSI at 43.7% projects a bearish to neutral market sentiment.
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/n/n8l8rhyQ.png" alt="BINANCE:SHIBUSDT Chart " width="1946" height="829">
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 Shiba Inu Price| Tradingview
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</figure>
This downtrend can be attributed to overhead supply pressure from the resistance trendline of the falling wedge pattern. Since March 2024, the <a href="https://coingape.com/will-neiro-get-similar-popularity-like-shiba-inu-dog-kabosu/" rel="noopener noreferrer nofollow">SHIB</a> price has witnessed a steady downtrend resonating between the two converging trend lines of the pattern.
Interestingly, this setup signals the maturity of a downtrend and the potential for major traversal.
In July, the Shiba Inu futures open interest experienced a substantial rise, as indicated by data from Coinglass. The open interest (OI) value surged from $27.79 million to $38.86 million, marking an increase of approximately 39.83%.&nbsp;
<figure id="attachment_210013" aria-describedby="caption-attachment-210013" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-210013" src="https://coingape.com/wp-content/uploads/2024/07/image_2024-07-29_23-21-50.png" alt="SHIB Futures Open Interest" width="1536" height="439" srcset="https://coingape.com/wp-content/uploads/2024/07/image_2024-07-29_23-21-50.png 1536w, https://coingape.com/wp-content/uploads/2024/07/image_2024-07-29_23-21-50-300x86.png 300w, https://coingape.com/wp-content/uploads/2024/07/image_2024-07-29_23-21-50-1224x350.png 1224w, https://coingape.com/wp-content/uploads/2024/07/image_2024-07-29_23-21-50-768x220.png 768w, https://coingape.com/wp-content/uploads/2024/07/image_2024-07-29_23-21-50-150x43.png 150w" sizes="(max-width: 1536px) 100vw, 1536px">
 <figcaption id="caption-attachment-210013" class="wp-caption-text">
 SHIB Futures Open Interest| Coinglass
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</figure>
This significant growth in open interest suggests heightened trading interest, which could be a precursor to increased price volatility or sustained price movements.
Moreover, Shiba Inu’s layer-2 blockchain Shibarium has hit a significant milestone, processing over 6 million blocks in less than a year since its launch. This achievement underscores the platform’s robust activity and growing adoption, indicating strong user engagement.
Thus, a potential breakout from the wedge resistance will signal a major change in market dynamics and provide buyers with suitable support to drive a stable rally. The post-breakout rally may extend the <a href="https://coingape.com/price-predictions/shiba-inu-shib-price-prediction/" rel="noopener noreferrer nofollow">Shiba Inu price forecast</a> target to $0.00003.
<h2 id="span-style-font-weight-400-key-takeaway-span">Key Takeaway</h2>
Under the influence of a falling wedge pattern, the Shiba Inu price has witnessed constant resistance since mid-July. Despite a major resistance so close, the coin price refused a sharp correction and continued to challenge the overhead trendline. With the broader market bullish and the increasing Open interest, the SHIB price is poised for a wedge breakout and signals the end of the correction trend.
The post <a href="https://coingape.com/markets/shiba-inu-price-to-escape-end-5-month-correction-breakout/" rel="noopener noreferrer nofollow">Shiba Inu Price to Escape End 5 Month Correction with this Breakout</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Shiba Inu Price to Escape End 5 Month Correction with this Breakout

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