After enduring the storm of lower highs and lower lows, which symbolize a downtrend, Shiba Inu (SHIB) is gearing up to turn the tables.
Calling out this development, market analyst Crypto Sat noted, “SHIB is flashing a bullish reversal signal on the daily chart. After weeks of consistent lower highs and lower lows, the price action is now compressed into a classic falling wedge — a pattern that often leads to breakouts.”
The analyst added that if SHIB follows history, falling wedges usually lead to solid upside runs for the second-largest meme coin.
Therefore, Shiba Inu must hold the critical support base of $0.000012 with a breakout confirmation above $0.000013 being the linchpin.
At the time of writing, SHIB was hovering around the $0.00001218 zone, showing that it’s a stone’s throw away from hitting the breakout point with higher lows continuously playing out.
A higher low entails a price point where the lowest point of a pullback is higher than the previous low. Together with a higher high, they signal an uptrend.
Shiba Inu Wallets Go Through the Roof
The meme coin continues to witness soaring user growth, with more than 1,500,000 unique addresses holding Shiba Inu.
Therefore, SHIB is witnessing more holders, which means wider distribution is needed to strengthen network effects, support decentralized projects, and boost liquidity.
As the Shiba Inu holder count climbs, bullish sentiment continues to rock its community.
Meanwhile, SHIB’s open interest recently witnessed a 4.11% increase, suggesting intensified market activity and liquidity.
