The $SHIB currency has been traded
Within a narrow range on the daily timeframe, showing signs of a potential accumulation phase. With the support level holding and a potential double bottom forming, bulls may soon get their chance to push the price higher if demand returns to key levels.
The $SHIB (SHIB) currency has remained relatively stable on the daily chart, fluctuating within a well-defined range between support and resistance. While the sideways movement may seem directionless, it often indicates accumulation, especially when the price remains steady above key demand areas. Currently, SHIB is hovering near the bottom of the range, where a potential double bottom pattern is forming, indicating a possible bullish reversal.
Key Technical Points
Sideways Price Movement: $SHIB moves within defined support and resistance levels on the higher time frame on the daily chart.
Potential Double Bottom Formation: The price revisits previous support levels, where it may form a bullish reaction for the second phase of the double bottom.
Low Value Area in Focus: Support near the bottom of the value area and weekly levels provides a high-probability demand area for buyers to defend.
Accumulation Phase Behavior: Fluctuating behavior with defense of support indicates accumulation, not distribution.
Chart #SHIBUSDT (One Day),
SHIB continues its stability within a horizontal range, and the absence of any directional breakout shifts the technical focus towards the concept of accumulation. Recent price movement has not shown significant weakness, but rather calculated pullbacks towards demand areas, especially around the bottom of the value area and weekly support.
A potential double bottom pattern is now forming at the bottom of the range. The first bounce from this area triggered a bullish reaction. If the bulls defend this level again, a second bounce may confirm the double bottom pattern. This pattern is a traditional reversal pattern, and when confirmed by increased trading volume, it often precedes a breakout.
This opinion is supported by the idea that moving towards the support level may provide buying opportunities, as long as the price holds above key demand levels. Unless SHIB's price decisively collapses below these levels, the market structure will continue to support accumulation.
What do we expect in the upcoming price movement?
If the bulls manage to defend the low value level again, and trading volume increases with the second bounce, SHIB may complete the double bottom and begin a breakout phase. A confirmed move above the resistance level will indicate the end of the accumulation range and the start of bullish expansion.
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