Is This The Start Of A New Bull Run For Shiba Inu?

Shiba Inu (SHIB) price has drawn increased attention from market analysts following a confirmed breakout from a falling wedge pattern.

This move, coupled with surging futures open interest and historical price behavior, has renewed speculation that the meme coin price may be preparing for a significant rally.

With technical targets suggesting a climb toward $0.00002460 in the short term and $0.00003000 acting as a pivotal resistance level, SHIB price may be setting the stage for a fresh bull cycle.

Breakout Sparks Short-Term Targets for SHIB Price

Notably, a falling wedge pattern is typically regarded as a bullish reversal formation, particularly when it develops during a prolonged downtrend.

According to Rose Premium Signals, SHIB price recently broke through the upper boundary of the wedge, a signal that often precedes upward price acceleration.

Following the breakout, the analyst outlined key price targets at $0.00001510, $0.00001850, $0.00002110, and $0.00002460. These levels represent near-term resistance zones and possible liquidity pockets.

Each target lies well above SHIB’s recent price range, pointing to substantial upside potential if market momentum continues.

The breakout occurred after Shiba Inu price had consolidated near its multi-month support zone, which helped build a base for the recent technical move.

A strong continuation toward the $0.00002460 target would mark an increase of over 80% from current levels, reinforcing the pattern’s bullish implications.

Historical Patterns Suggest Setup for Strong Recovery

Furthermore, technical analyst Trader Mike revisited Shiba Inu’s historical price trend to identify parallels that may inform the current setup.

He pointed to the 2021 bull run in which SHIB price surged from $0.00000600 to a high of $0.00008869 within a month. That rally featured long green candlesticks and substantial volume, hallmarks of organic buying pressure.

Following that peak, Shiba Inu price entered a long-term decline lasting until February 2024. Despite this, the presence of long wicks and price rejections during the correction indicated sustained interest from buyers.

According to Mike, the asset price trend suggested accumulation throughout the downtrend rather than consistent liquidation.

He emphasized the importance of the $0.00003000 level, which has served as both resistance and a reversal point in past cycles.

He referred to this level as the “Trend Killer” and explained that reclaiming it on strong volume could trigger an extended move toward higher zones, possibly retesting the previous all-time high.

Long-Term Outlook Shows Parabolic Possibility

Consequently, a longer-term projection from High Altitude Investing outlined a potential parabolic move on the SHIB/USDT chart. The chart illustrates years of consolidation with a rising support trendline, suggesting a build-up for a breakout.

The projection showed a possible vertical price trajectory extending toward the $0.00014 area, which would represent an 800% increase from current levels.

While speculative, the structure resembled previous SHIB cycles, characterized by long phases of low volatility and then a sudden increase in price.

This is in line with the previous price trends and sentiment, that SHIB price may have found a macro bottom in the near term.

Open Interest Surge Supported Bullish Case

On-chain derivatives data from CoinGlass has added further weight to the bullish narrative. Between early and late April, SHIB’s Futures Open Interest nearly doubled, rising from under $97 million to nearly $190 million. This jump coincided with SHIB’s wedge breakout and early price gains.

Higher open interest during the manifestation of bullish patterns is usually an indication of new entrant capital going long. Such movements tend to indicate near-term bulls and are widely considered actionable signs of strength.

In the meantime, Shiba Inu price traded at $0.00001327, down 1.53% over the past 24 hours. The volume of trading decreased by 29.71% to $199.71 million.