Shiba Inu (SHIB), the beloved meme coin, may be gearing up for a comeback! ๐ฅ A classic double bottom pattern on the charts is hinting at a potential bullish reversal that traders and investors wonโt want to ignore. Letโs dive into the latest developments ๐
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๐ Technical Analysis: Whatโs the Chart Telling Us?
The SHIB price has been hovering near a critical support level around $0.00001260, forming two distinct dips โ the classic โWโ shape known as the double bottom. This pattern often signals that the selling pressure is weakening and that a trend reversal could be on the horizon. ๐
๐ Key Indicators:
๐ Hourly & Daily Timeframes show consolidation with rising volume.
๐ SHIB is testing resistance at $0.00001285 โ $0.00001291 (20โhr and 50โhr SMAs).
๐ A breakout above $0.00001330 could pave the way toward $0.00001400 and beyond.
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๐ฎ Bullish Case: Ready for Takeoff?
If buyers step in and push the price above the neckline of this pattern, SHIB could:
๐ Reclaim $0.00001300+
๐ฏ Target the $0.00001391 (50โday SMA)
๐ Possibly run toward the midโ$0.00002s in a broader rally
This scenario becomes even more likely if volume increases and market sentiment improves โ both key ingredients for a strong breakout. ๐๐
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โ ๏ธ Bearish Scenario: What If Support Breaks?
Not all setups play out perfectly. If SHIB breaks below $0.00001260, we might see:
โฌ๏ธ A drop toward $0.00001150
๐ Bearish sentiment return
๐ A delay in any near-term bullish momentum
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๐ง Final Thoughts: Is SHIB a Buy Right Now?
The current pattern suggests a high-potential setup โ but timing and confirmation are everything. ๐ ๐ก Traders should:
โ Watch for a break above $0.00001300
๐ก๏ธ Use tight stop-losses under $0.00001260
๐ Be prepared in case of a downside fake-out
If the double bottom holds, SHIB might just be warming up for its next moon mission ๐๐ธ
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๐ Are you holding SHIB or planning to jump in? Let us know in the comments! ๐ฌ
#Crypto #ShibaInu #SHIB #TechnicalAnalysis #MemeCoin #Bullish #DoubleBottom #CryptoTrading ๐๐๐ $SHIB