The Shiba Inu (SHIB) market has formed a situation that could lead to a sharp price change for the asset. According to data from TradingView, the coin is stuck at the peak of a large symmetrical triangle. Parallel analysis of the blockchain on Etherscan shows that 94.68% of the total token circulation is controlled by a small number of large holders. This creates conditions for a potential breakout from the technical pattern.
Currently, 808 wallets control almost the entire available volume of Shiba Inu tokens, covering only 0.05% of all investors. Data from Ethereum's Token Analytics indicates that 82.73% of the total volume is concentrated in the top 100 wallets, while a million-strong army of retail investors holds only 0.04% of the tokens. Traders expect that the nearest key levels at the boundaries of this pattern will determine the further direction of movement: if the daily candle closes above the resistance level at $0.00000540, it will pave the way for growth to levels of $0.000006 and $0.000008. Otherwise, a drop below the psychological support level at $0.00000500 may force large holders to reduce their positions, leading to a new local minimum.
Under current conditions, the market capitalization of SHIB stands at $5.19 billion. However, due to the dominance of large holders, the price dynamics are entirely dependent on the trading decisions of a few hundred players capable of directing the trend, disregarding broader market demand. Price compression within the large pattern has already reached its limit: on the daily TradingView chart, the resistance and support lines converge at a critical point, holding the SHIB price around $0.00000520, resulting in a 1.71% decline over the past 24 hours. The Relative Strength Index (RSI) is at a neutral level of 54.54, indicating a temporary balance of power before the asset breaks out of the range, which no longer leaves room for consolidation.
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