- Shiba Inu is showing signs of a bullish reversal after a 20% monthly drop, with a double bottom pattern forming near $0.0000113.
- Whale investors have bought 1.3 trillion SHIB tokens in 24 hours, potentially fueling a 194% price surge if resistance at $0.0000173 is broken.
Shiba Inu (SHIB), the second-largest meme coin by market cap, is showing signs of a potential rebound despite recent market weakness. After falling 20% in the last month, SHIB is now trading at $0.0000116. While retail interest has slowed, large-scale investors—or “whales”—have begun aggressively accumulating the token, suggesting renewed confidence.
Shiba Inu Double Bottom Pattern Hints at Reversal
SHIB’s weekly chart reveals a double bottom formation, a classic bullish pattern. This setup typically signals the end of a downtrend and the beginning of an upward move. The current support at $0.0000113 has held firm, and if SHIB can push past the resistance at $0.0000173, the next target sits at $0.000033—representing a potential 194% gain.
Key Levels to Watch:
- Support: $0.0000113
- Resistance (Neckline): $0.0000173
- Target Price: $0.000033
- Potential Upside: 194%
The Average Directional Index (ADX) is also pointing to a weakening bearish trend, reinforcing the bullish scenario. However, caution is still warranted. The On-Balance Volume (OBV) shows continued selling pressure. A drop below $0.0000113 could invalidate the bullish outlook and drag SHIB down to $0.0000090.
Whale Accumulation Gains Steam
In a bullish twist, whale activity is surging. Over the past 24 hours, wallets holding at least 0.1% of SHIB’s total supply acquired a staggering 1.3 trillion tokens. This massive inflow pushed large holder netflows from just 31.56 billion to 1.34 trillion SHIB, suggesting that major players anticipate a turnaround.
Shiba Inu is at a critical juncture. While recent price action has been bearish, the combination of a double bottom pattern, waning bearish strength, and aggressive whale accumulation could signal a major rally ahead. If SHIB holds support at $0.0000113 and breaks above $0.0000173, the meme coin could surge 194%—bringing fresh optimism to its community.
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