Market sentiment has turned bullish for SHIB and based on recent price action, there is a strong possibility it could soar by 40%.
According to AMBCrypto’s technical analysis, SHIB appears bullish as it was on the verge of breaking out from a crucial descending trendline that has constrained the asset since March 2024.In addition to this trendline breakout, SHIB also formed a bullish inverted head-and-shoulder price action pattern on a weekly time frame, with its second shoulder nearing completion.
This rising OI suggested that traders believe in the meme coin’s potential and are increasingly betting on long positions.Traders and investors often consider rising OI and Long Short Ratio above one, when building long positions.
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