Shiba Inu (SHIB) is showing strong signs of support on the three-day chart, with the price consistently holding above the lower edge of a falling wedge pattern. This technical formation has gradually formed after months of downward pressure. Market analysis indicates that when the support of such a pattern is not broken, it often foreshadows a potential reversal. If the price successfully breaks through and stabilizes above $0.0000068, it may subsequently launch an attack on historical resistance areas such as $0.0000100, $0.0000130, $0.0000160, $0.0000220, and even $0.0000330.
As of press time, the real-time price of SHIB is $0.000006, with a gain of 4.88% in the past 24 hours. The daily trading volume has climbed to $165.6 million, reflecting a steady recovery in market activity. At the same time, sentiment in the derivatives market is becoming more rational. In early 2025, SHIB's open interest once surged, exceeding $500 million, accompanied by a rapid price increase, reflecting a large influx of leveraged positions. However, as the price retraced, most high-leverage positions were liquidated or actively closed, and open interest fell significantly.
SHIB Holds Above Falling Wedge Support | Source: X
Currently, open interest has fallen back to approximately $56.42 million, a significant decrease from the previous high, indicating that market speculation has clearly cooled down and risk appetite is becoming more conservative. Nevertheless, traders are still closely watching the stability of the falling wedge structure and whether the price can achieve an effective breakout in a low-volatility environment. Market consensus believes that if SHIB can consolidate support and continue to rise with increasing volume, it may start a new round of upward cycle.
Open Interest Declines as Market Cools | Source: CoinGlass