Shiba Inu could soon go 100% higher, but only on one condition

• SHIB stock could rise 100% to $0.0000324 or even higher if it closes a weekly candle above $0.0000155.
• SHIB’s open interest rate has increased by 11% over the past 24 hours, indicating increased interest from investors.

Since the beginning of August 2024, the overall cryptocurrency market has been in a downtrend, primarily due to ongoing price declines across various cryptocurrencies.

Amidst this decline, the Shiba Inu has become [SHIB]Memcoin, the world’s second-largest cryptocurrency, has formed a bullish price action pattern on a weekly time frame, indicating a potential major upside in the coming days.

SHIB Stock Price Action Upward

Based on the price action and technical analysis, SHIB stock has formed a bullish bearish price action pattern on a weekly time frame. This pattern is also on the verge of a breakout, which may happen soon.

If SHIB manages to break this bullish price action pattern, there is a high chance of it rising 100% to the $0.0000324 level or even higher.

However, the breakout alone is not the only factor that makes SHIB bullish, as a weekly candle close above the $0.0000155 level is also crucial.

Source: TradingView

In addition to the falling wedge pattern, at the time of writing, SHIB is at a crucial support level near $0.000012. The last time SHIB broke this level was in February 2024 – not a retest.

However, the ongoing price decline has now led to a retest, which could support SHIB in the upcoming rally.

Also, crypto analyst Javon Marks He posted on X (formerly Twitter) that SHIB stock is bullish and approaching a breakout level. He also noted that this bullish outlook is confirmed by bullish divergence.

The expert predicted that if SHIB breaks the falling wedge pattern, it may rise to the $0.000081 level.

High open interest

At the time of publishing, SHIB is trading near the $0.0000133 level, having seen a price increase of over 1% in the past 24 hours.

Its trading volume fell by 35% during the same period, indicating a decline in participation from traders and investors.

Despite this, SHIB’s open interest has increased by 11% in the last 24 hours, according to on-chain analytics firm coin glass.

whale concentration

At the time of publication, 60.19% of the circulating supply of SHIB consisted of seven whales, while 12.84% of the supply consisted of 43 sharks.

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Meanwhile, only 26.96% of the SHIB supply was in the hands of retail investors, according to on-chain analytics firm IntoTheBlock.

Source: IntoTheBlock

The highest concentration of hydrogen was in the hands of whales and sharks. This is worrying, as they can easily manipulate prices.