- Shiba Inu (SHIB) shows bullish signals; analyst sees potential 503% surge ahead.
- An inverse head & shoulders pattern targets $0.000081; open interest/volume rise.
- SHIB faces $0.0000145 resistance and historically bearish June performance.
Shiba Inu (SHIB) investors finally have a reason to be hopeful, as fresh signals in the market hint at a possible trend reversal.
Despite dealing with recent market headwinds, some notable whale sell-offs, and general uncertainty, SHIB now appears to be gearing up for what some see as an explosive move. In fact, some analysts have predicted a 503% surge for SHIB in the coming months.
Inverse Head & Shoulders Pattern Could Spark Breakout
At the center of this prediction is an inverse head and shoulders pattern currently forming on SHIB’s chart — a classic bullish indicator often seen before price rallies.
According to one crypto analyst, the token is in the final stages of this pattern, which could trigger a move towards an ambitious first target of $0.000081.
This bullish setup arrives as Ethereum (ETH) gains strength and hints at the early phases of an altcoin season, historically a period where meme coins like Shiba Inu tend to outperform.
Related: SHIB Price Holds Firm as Bulls Eye Breakout Above $0.00001300
Rising Open Interest and Trading Volume Support Bullish Case
Supporting this narrative is the latest derivatives data from CoinGlass, which reveals a shift in SHIB’s open interest.
SHIB’s open interest, representing the total number of outstanding futures and options contracts, has increased by 2.03%, now accounting for 11.36 trillion SHIB valued at $158.65 million.
Trading Activity Surges
Despite these bullish signs, Shiba Inu continues to battle market volatility. The meme coin recently slipped to $0.00001265 but managed a slight recovery to $0.00001310 at press time, marking a 2.2% increase in the past 24 hours.
Interestingly, SHIB’s trading volume spiked by 16% to reach $160 million, signaling that traders remain actively engaged.
A Historically Bearish June for SHIB?
Historically, June has been a tough month for Shiba Inu. Since its inception, SHIB has consistently closed June with losses.
Related: Altcoin Market Stabilizes After Harsh Q1, Ethereum Leads Recovery Efforts
For SHIB to convincingly flip bullish, it must breach the critical resistance zone at $0.0000145. This level remains a crucial hurdle before any sustained upward momentum can take hold.
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