Shiba Inu price is expected to rise by 20%, reaching $0.000016. With 527 trillion SHIB approaching profitability, will the price rise? Or will it drop to $0.000012?
Shiba Inu (SHIB) rose 6% this week, previously surging from $0.0000125 to a seven-day high of $0.0000133 on June 11, with a trading volume of $210 million. Technical analysis shows that as 527 trillion SHIB tokens approach profitability, the emergence of a double bottom pattern could trigger a 20% rebound. With bullish signals appearing, can the Shiba Inu price surge to $0.000016 in the short term? The Shiba Inu price is expected to rise by 20%, testing key resistance levels.
The Shiba Inu price has formed a double bottom pattern in the four-hour timeframe, with both bottoms around $0.000012 and $0.0000124. This area has attracted significant buying interest over the past two weeks, making it a strong support level.
The neckline of this bullish pattern is at $0.0000134. As of the time of writing, SHIB is attempting to break through this level. If the price confirms a close above this resistance level, it will validate the bullish double bottom pattern, potentially driving the price of this popular meme coin up to $0.000016, representing nearly a 20% increase from the neckline.
However, before starting to rise to $0.000016, the price of Shiba Inu must first break through the critical supply area between $0.0000141 and $0.0000144. This dog-themed meme token turned this area into a resistance level after plummeting 15% to $0.000012 following a drop on May 29. Once this area is broken, a rise to $0.000016 is imminent.
The RSI indicator further enhances the bullish outlook, with both the highs and lows continuing to rise, currently positioned at 59. The trend of the RSI indicates that the bullish momentum of SHIB price is strengthening. At the same time, the ADX line is trending upwards, also indicating a bullish outlook. This further suggests that the upward trend that has started since Shiba Inu tested the second bottom support level is strengthening.
Additionally, a recent analysis by CoinGape pointed out that despite the decline in whale trading volume, the Shiba Inu price remains stable. This highlights strong interest from retail investors who wish to profit in a sustained upward trend.
527 trillion SHIB is close to breaking even
On-chain analysis platform IntoTheBlock shows that currently 83% of Shiba Inu token holders are in loss, with only 14% in profit. This skewed distribution of profitability among SHIB token holders depicts a critical resistance zone between $0.000014 and $0.000019, where over 572 trillion SHIB tokens have been purchased.
Once the Shiba Inu price enters this range, the 168,000 addresses that bought SHIB in this area are likely to start selling. Before SHIB breaks through this price level, the meme token may still face selling pressure from holders seeking to break even.
However, if Shiba Inu can break through $0.0000147 and extend the upward trend to $0.000016, short-term sellers may hesitate to sell, thereby sustaining the bullish momentum.
In summary, the price of Shiba Inu is at a critical point, testing the resistance level of the neckline of a double bottom pattern. A breakout at this level could initiate a bullish trend, potentially reaching $0.000016. However, given the losses of 527 trillion tokens between $0.000014 and $0.000019, if short-term holders decide to sell, the upward trend may encounter resistance.
