📉 SHIB trades at $0.0000107 (June 23), down 25% for the month after panic selling triggered by U.S.–Iran tensions. But a double bottom pattern is forming, hinting at a potential reversal if bulls defend key support.
📊 The support at $0.0000106 has held for over a year, sparking past rallies. If history repeats, SHIB may retest the neckline resistance at $0.0000173, a 64% move from current levels. A weekly close above this line would confirm the bullish setup.
📈 The pattern’s measured target is $0.0000283, with an extended goal at $0.0000322 — the start of the December 2024 downtrend. For this to play out, the RSI must rise from 38 and show bullish divergence, while price must break above the 50-day SMA at $0.0000168.
📉 However, downside risk remains: a break below $0.00001 could invalidate the pattern and trigger a 50% crash, as noted in prior analysis.
📉 On-chain, SHIB’s funding rate has turned negative, the lowest since April. While bearish on the surface, it also hints at a potential short squeeze if price rebounds, mirroring April’s rally.
📌 In short, SHIB is coiling for a move. If bulls step in at support, a recovery to $0.000017 could be on the horizon.
⚠️ Disclaimer:
This post is for informational purposes only and does not constitute financial advice or endorsement.
Top comments (0)