The meme coin Shiba Inu (SHIB) just endured a turbulent weekend — U.S. military strikes on Iran triggered panic selling and massive liquidations across the crypto market. As of June 23, SHIB is trading at $0.0000107 with a 24-hour trading volume of $242 million. The monthly loss now stands at over 25%.
But not all hope is lost. Signs of a bullish reversal are starting to emerge — a classic double bottom pattern is forming, which could pave the way for a strong rally toward $0.000017.
📊 Technical Formation Hints at a Rebound – Target Set at $0.000017
The weekly chart shows SHIB is attempting to rebound from a key support level at $0.0000106. This support has absorbed selling pressure over the past year and triggered multiple price rebounds, making it a potentially attractive entry point for buyers.
Since the downtrend began in December 2024, SHIB has held this support level twice, with the last rebound in April 2025 leading to a rally toward the neckline resistance at $0.0000173. If history repeats, SHIB could again test this price level — requiring a 64% rally from the current price.
A confirmed breakout above the $0.0000173 neckline would validate the double bottom pattern. In that scenario, the theoretical target would be $0.0000283 — calculated by projecting the distance between the bottom and the neckline upward. In an extremely bullish case, the price could even return to the origin of the previous downtrend at $0.0000322.
📌 A decisive close above the neckline, combined with a surge in spot buying volume, could support SHIB in reaching these bullish targets.
📉 RSI and SMA Still Caution, But a Surprise Reversal Is Possible
The Relative Strength Index (RSI) is currently near 38 — an oversold zone. A bullish divergence, with RSI forming higher lows as price stabilizes, would indicate buyers are returning and confirm a reversal.
However, the 50-day simple moving average (SMA) is still positioned above the current price, meaning short-term momentum remains bearish. SHIB would need to break through $0.0000168 to reverse that.
Analysts warn that if SHIB falls below $0.00001, a 50% decline could follow, invalidating the double bottom setup altogether.
📉 SHIB Funding Rate Turns Negative – Could It Help?
Another key development is SHIB's funding rate turning negative — meaning most traders are betting on price declines by opening short positions. While this typically signals bearish sentiment, it can also set the stage for a short squeeze.
This scenario played out in April, when a surge in short positions preceded a rapid price rebound toward $0.000017.
📌 Summary
Despite recent losses, Shiba Inu shows signs of a potential recovery. If the double bottom pattern holds, and we see rising volume and a breakout above $0.000017, SHIB could stage a strong comeback.
#SHIB , #Shibarium , #CryptoNewss , #memecoin , #CryptoMarket
Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“