Shiba Inu (SHIB) has declined by 8% since its monthly opening price of $0.000013, currently trading at $0.0000121 with a modest 0.8% intraday gain. Trading volumes remain subdued at $102 million as of June 16, signaling waning market interest. However, today’s minor uptick suggests the formation of a bullish double-bottom pattern, with buyers actively defending the critical $0.000012 support level.
Technical Analysis Reveals Double Bottom Formation
The daily chart showcases SHIB’s emerging double-bottom pattern following a prolonged downtrend that began on May 12. This technical formation indicates:
- Strong Support Confirmation: The $0.000012 level has been tested twice during the downtrend
- Bullish Sentiment: Traders appear to view this price as an attractive entry point
- Breakout Potential: Declining selling pressure creates conditions for trend reversal
👉 Discover how meme coins are reshaping crypto markets
Key Price Targets and Resistance Levels
For the pattern to complete, SHIB must:
- Break through the neckline resistance at $0.0000136
- Sustain momentum for a potential 42% rally to $0.000017 (equal to the pattern’s height)
The Chaikin Money Flow (CMF) indicator suggests growing buying pressure despite current market conditions. After a week of neutral oscillations following a sharp upward move, the CMF hints at impending bullish momentum.
Market Sentiment and On-Chain Data
IntoTheBlock’s IOMAP metric reveals compelling support at $0.000012:
| Metric | Value |
|---|---|
| Support Level | $0.000012 |
| Addresses Holding SHIB | 30,000 |
| Tokens Purchased | 15+ trillion SHIB |
This concentration of holdings suggests $0.000012 represents a psychological price floor where:
- Current holders remain profitable
- New buyers see value accumulation potential
- Strong buy-side liquidity may emerge
However, substantial resistance awaits at $0.000013, where 22,000 addresses hold 19 trillion SHIB tokens. Overcoming this barrier is crucial for the projected breakout.
Frequently Asked Questions (FAQs)
Can SHIB realistically reach $0.000017?
Yes, if the double-bottom pattern completes and SHIB sustains above $0.0000136 resistance, the technical target projects to $0.000017.
Why is $0.000012 so significant?
This level represents the average purchase price for most currently profitable SHIB holders, creating natural support as buyers defend their positions.
What are the critical levels to monitor?
Traders should watch:
– Support: $0.000012
– Resistance: $0.0000136
– Breakout confirmation: Sustained closes above neckline
👉 Learn expert strategies for trading cryptocurrency patterns
Market Outlook and Conclusion
Shiba Inu stands at a pivotal technical juncture:
- Bullish Scenario: Successful defense of $0.000012 support followed by breakout above $0.0000136 could trigger rally to $0.000017
- Bearish Risk: Failure to hold support may extend the current downtrend
- Neutral Indicators: Mixed signals from stochastic RSI (35 reading) suggest ongoing battle between buyers and sellers
While whale activity and Binance trader sentiment remain optimistic, the market requires stronger buying volume to validate the bullish pattern. Traders should monitor these key levels closely while considering broader market conditions.
Remember: Cryptocurrency investments carry inherent risks. Always conduct thorough research and consider your risk tolerance before trading.