Shiba Inu (SHIB) has fallen 8% since the monthly opening price of $0.000013. As of the time of writing, Shiba Inu is trading at $0.0000121, with a slight intraday increase of 0.8%. Meanwhile, with market interest waning, the 24-hour trading volume on June 16 was $102 million. Today's slight increase confirms the formation of a bullish double bottom pattern as bulls defend the key support level of $0.000012.
Shiba Inu price breakout is within reach, as bulls defend the $0.000012 support level.
The daily chart of Shiba Inu's price shows that a double bottom pattern is forming and is in its early stages. This pattern indicates that after experiencing a long downtrend starting on May 12, the SHIB price has received strong support at $0.000012.
Since the downtrend began, Shiba Inu has held the $0.000012 support level twice. This indicates that bulls see this price as a good entry point, and as selling pressure eases, it creates space for the beginning of an upward trend.
For the double bottom pattern to mature, the Shiba Inu price must first break through the neckline resistance at $0.0000136. After that, a breakout rebound equivalent to 42% of the pattern height may occur, pushing the price up to $0.000017.
The main resistance that may hinder this top meme coin's rise is the lack of strong buying activity. Even if bulls hold the key support level of $0.000012, buying activity remains low, and the stochastic RSI indicator shows a reading of 35, indicating that sellers have the upper hand. Before the stochastic RSI indicator breaks 50, bears may continue to push the price down to the $0.000012 support level.
However, the CMF indicator shows that a breakout is imminent. The indicator has been fluctuating at neutral levels over the past week after a significant rise, indicating that buyers hope to outperform sellers, which may be a sign that the bull market is about to touch the $0.000012 mark.
Meanwhile, a recent analysis by CoinGape points out that despite a month-long downtrend that began in early May, whales and Binance traders remain bullish on SHIB. This also supports the argument that the price of Shiba Inu may soon experience a breakout upwards.
Key levels of interest
According to data from IntoTheBlock, the in-the-money and out-of-the-money (IOMAP) indicator supports the technical structure, designating $0.000012 as the primary support level. This is because 30,000 addresses have purchased over 150 trillion SHIB tokens at this price.
Considering that most currently profitable SHIB holders bought at this price level, traders may see this as the optimal buy price. Therefore, when the price of Shiba Inu approaches this support level, buying activity may spike.
Conversely, there is a very strong resistance level at $0.000013, where over 22,000 traders have bought more than 190 trillion SHIB at this level. To achieve a double bottom breakout to $0.000017, the SHIB price needs to break through this key resistance level.
In summary, due to bulls defending the key support level of $0.000012, the price of Shiba Inu is at a turning point. If this support level holds and SHIB breaks through the resistance level of $0.0000136, the price could rise to $0.000017, thereby reaching the target of the double bottom pattern.
While this is a short-term outlook for SHIB's performance, the long-term price forecast for Shiba Inu outlines expectations for the meme token from 2025 to 2030.
