The price of Shiba Inu is gaining momentum right now, as platform reserves hit an impressive figure of $929 million in just 24 hours, and developers are also hinting at a revolutionary Shiba Inu Super App. Technical analysis reveals potential gains of 62% if support holds, with the increase in Shiba Inu reserves and the development of the Super App driving renewed optimism. A breakout of the SHIB price seems quite likely as the token approaches a critical support level, suggesting that the prediction of $0.000015 for Shiba Inu could materialize sooner than expected.
The price rally of Shiba Inu gained significant momentum, as exchange reserves reached the enormous figure of $929 million in just 24 hours, according to CryptoQuant data. This massive increase in Shiba Inu reserves coincided with a 7.66% rise in price, bringing the price of SHIB to $0.00001112 at the time of writing this article.
Binance led the exchanges with $1.02 million in net inflows, followed by Bybit with $288.40 thousand and Coinbase with $218.99 thousand. The substantial reserve activity clearly indicates institutional positioning in anticipation of potential price fluctuations at this time, and also indicates growing interest from major players in the sector.
62% recovery target according to technical analysis
Technical analyst Tom Tucker identified what appears to be a convincing double bottom formation on the daily SHIB chart, with the price rally of Shiba Inu aiming for a 62% increase if support holds. SHIB plummeted to $0.00001004 on Sunday but quickly recovered to $0.0000107.
The price of $SHIB plummeted 7.5% to $0.000011, as geopolitical tensions unsettled the markets.
It has fallen 38% from its May highs, with whale holdings at 80% and OI futures at a one-month low.
Technical analysis shows deep oversold levels, but a double bottom near $0.00001030 could trigger a 62% rally if support holds. #SHIB
Tom Tucker stated:
The $SHIB plummeted 7.5% to $0.000011, as geopolitical tensions unsettled the markets. It has fallen 38% from May highs, with whale holdings at 80% and OI futures at a one-month low. Technical analysis shows deep oversold levels, but a double bottom near $0.00001030 could trigger a 62% rally if support holds.
The analyst emphasized that maintaining support above $0.00001030 could also trigger a rally towards $0.00001752, representing the predictive trajectory of $0.000015 for Shiba Inu. This breakout of the SHIB price depends on the confirmation of the technical formation at this moment, and also requires sustained buying pressure at these current levels.
