SHIB has rebounded 15% from its weekly low and is forming a double-bottom pattern, signaling a potential continuation of the uptrend.
A confirmed breakout above $0.00001765 could push the SHIB price toward $0.000025, implying a 115% rally from current levels.
Despite whale sell-offs, technical indicators and macroeconomic tailwinds are aligning to support a sustained recovery in Shiba Inu.
Shiba Inu recorded a 15% rebound from its weekly low on June 25, with the token trading at $0.00001175. This rise mirrors the broader uptick in the crypto market, coming after SHIB had dropped nearly 35% from its May high of $0.00001765.
A technical setup is emerging in favor of SHIB, as the price formed a double-bottom pattern at $0.00001025. This type of formation is widely regarded as a bullish reversal, and with that, the neckline indicates the prior high of the price of $0.00001765. Judging by this arrangement, traders are keeping a close eye on a possible breakaway that can cause Shib to hit a price target of 0.000025.
Breakout Target Set at 115% Above Current Level
The double-bottom height difference between the low and neckline is $0.0000074. If the price clears the neckline, the same height projected upward suggests a target of $0.000025. This marks an estimated gain of 115% from current levels. The first major resistance remains the neckline itself, which is 52% higher than SHIB’s current price.
High momentum indicates a rising sentiment. The MACD lines have already formed a bullish cross, and the RSI is increasing above the level of 50. These signs point to the growth of purchase demand and the potential further extension of the current recovery.
Whale Selling Persists Despite Price Strength
While technicals point to a bullish structure, data from Santiment reveals that large holders have continued reducing their positions. Addresses with 100 million to 1 billion SHIB now hold 17.92 trillion tokens, down from 18.8 trillion last December. Mid-tier and small whales have also trimmed their holdings.
Regardless of the whale activity, the optimistic mood in the crypto world and market might promote SHIB perspectives even more. A bullish tone has been fed by the limited supply of exchanges in Bitcoin, the alleviation of geopolitical issues, and a possible change in monetary policy by the U.S. Federal Reserve System. SHIB usually reacts positively to positive Bitcoin trends and also to risk appetite in general.
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