Shiba Inu's price is approaching a crucial turning point, poised to break out of a descending wedge pattern that could trigger significant volatility and potentially reverse its downward trend. Historically, this pattern has preceded dramatic price swings, which could propel SHIB above its local moving averages and initiate a long-term upswing.

However, there is also a possibility that SHIB could reverse and retreat back into the wedge, continuing its downward trajectory. Since its peak earlier this year, SHIB has been in a bearish slump, with the 50 EMA currently above its price, indicating strong bearish momentum. If SHIB can break through this level, it might signal the start of a bullish phase, with the 200 EMA and 100 EMA being the next significant resistance levels to monitor for sustained upward movement.

On-chain data provides additional insights, revealing a predominantly negative sentiment, with strong selling pressure indicated by exchange signals. Despite this, net network growth is slightly positive, indicating some new interest in SHIB. However, this is not strong enough to counterbalance the bearish exchange signals, and SHIB remains under the bid-ask volume imbalance, revealing a significant tilt toward sellers.

At the current price, 51% of SHIB holders are profitable, while 47% are not, which might lead to more selling pressure from those trying to offset their losses. The percentage of large holders is 73%, a high number that could cause a volatility surge if these holders decide to sell. Furthermore, SHIB's price movements have a moderate to no correlation with Bitcoin's performance, indicating that its price is driven by internal factors rather than external influences.

In conclusion, Shiba Inu's price movement is reaching a critical juncture, with the potential to break out of its descending wedge pattern and initiate a long-term reversal. However, there are also indications of strong selling pressure and bearish momentum, which could lead to continued downward movement. As SHIB approaches this critical turning point, its future price movement remains uncertain, and investors should exercise caution.