SHIB forms double bottom near $0.00001030; breakout above $0.00001765 may trigger 70% rally.
Whales accumulate 1.3T SHIB as open interest drops to $134M, hinting at bullish setup.
SHIB eyes breakout from descending resistance; move toward +$0.0001 possible in altseason.
Shiba Inu (SHIB) is approaching a crucial descending resistance, with traders closely watching for a confirmed breakout. The meme token is currently trading at $0.00001177, and analysts are noting early signs of a double bottom formation. A breakout could potentially push SHIB above $0.0000173 and fuel a broader rally during the upcoming altseason.
SHIB Tests Key Support as Double Bottom Pattern Develops
SHIB recently touched a low of $0.00001160 before bouncing near its key support level of $0.00001030. This zone was last tested in April and remains a critical line in the sand for the token's short-term direction.
https://twitter.com/ShibSpain/status/1935829545069719591
The current structure resembles a double bottom, a pattern often associated with a potential reversal. A neckline breakout above $0.00001765 would confirm the formation, which may lead to a 70% price increase. This setup aligns with current whale accumulation and declining open interest.
SHIB's double bottom is forming after a prolonged downtrend from late 2024. If the token holds the $0.0000113 support and rallies with strong volume, it could reach $0.000033, representing a 194% gain from current levels.
Whale Activity and Low Open Interest Fuel Bullish Setup
Recent data from IntoTheBlock shows that large holders accumulated 1.3 trillion SHIB tokens this week, suggesting preparation for a breakout. The accumulation was accompanied by a drop in open interest, now at $134 million, the lowest since April.
“SHIB is pretty much at the bottom now,” said a trader known as Pepe is friend on social media platform X. “If it really hits that support, it'll likely move sideways before the next growth phase.”
According to data by CoinGlass, bullish moves often follow a decline in open interest. If volume returns as SHIB breaks the descending resistance, a major price expansion toward +$0.0001 could follow in the altseason ahead.
The post SHIB Breakout Watch: This Descending Resistance Could Be the Key to a +70% Move appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.
