Shiba Inu Price #Forecast : Analyst Predicts 36% Rally Despite Current Crash, Fueled by Whale Accumulation and Token Burn

Shiba Inu ($SHIB ) Drops but Recovery Is in Sight

Despite Shiba Inu’s (#SHIB ) price dropping 1.79% to $0.000012 on August 2, one crypto analyst remains optimistic. The widely followed trader Joe Swanson believes the correction is just a pause in a larger bullish trend, setting the stage for a potential 36% price rally toward $0.0000239.

Swanson’s bullish outlook stems from two key technical patterns and strong on-chain metrics, including whale accumulation and a major uptick in token burns.

Technical Patterns Signal Bullish Momentum

1. Cup and Handle Formation

According to Swanson’s chart analysis shared via X, SHIB is currently forming a classic “cup and handle” pattern—a structure typically considered a bullish continuation signal.

The "cup" began forming from May highs through June’s dip, then saw a partial rebound in July.

The "handle" is the current correction from the $0.00001597 local high.

If the pattern completes, a breakout to $0.00001710 is expected. A 36% rally from there could push SHIB to $0.0000239.

2. Double Bottom Support

Swanson also highlighted a double bottom near $0.0000103—a strong support level.

If SHIB defends this support and bounces toward $0.000017, this second pattern would confirm.

A failure to hold the $0.0000103 level, however, could invalidate the bullish setup and trigger a deeper decline.

Whale Activity and Burn Rate Add Bullish Weight

read more : https://24crypto.news/shib-price-prediction-why-whale-accumulation-token-burns-signal-a-36-rally-105600