Shiba Inu (SHIB) price is showing signs of a potential bullish breakout despite recent challenges. Here's a summary of the current situation:
Challenges:
- SHIB price has crashed to a crucial support level, trading at $0.0000115, 35% below its May high and 65% lower than its November peak.
- The broader altcoin market has underperformed, with the market capitalization of non-BTC, non-ETH, and non-stablecoin cryptocurrencies declining from $947 billion to $583 billion.
- Shibarium ecosystem has faced internal challenges, including a 20% decline in total value locked (TVL) over the past 30 days, now standing at $2.58 million.
- Most dApps in the ecosystem, such as ShibaSwap and WoofSwap, have seen assets decline in the past 30 days.
Bullish signs:
- Whales have started buying SHIB after months of selling, which could signal a potential price rebound.
- Technical analysis suggests a double-bottom pattern, a highly bullish sign, with a neckline at $0.00001755.
- A potential breakout could see SHIB price rise by 55% to $0.00001755.
- The Relative Strength Index (RSI) has moved from oversold levels, indicating a possible bounce back.
Key levels to watch:
- Support level: $0.0000099 (a drop below this level would invalidate the bullish outlook)
- Resistance level: $0.00001755 (neckline of the double-bottom pattern)
Overall, while SHIB has faced significant challenges, the recent whale accumulation and technical indicators suggest a potential bullish breakout may be on the horizon.
