- ShibaInu is showing signs of a bullish double bottom pattern, which could trigger a 62% rally if the key $0.00001030 support level holds.
- Despite recent whale sell-offs and market downturns, the SHIB team remains optimistic, urging holders to stay patient for long-term gains.
ShibaInu Eyes Strong Recovery After Market Slump
ShibaInu (SHIB) could be gearing up for a significant comeback, with technical analysts spotting a potential 62% rally—if a key support level holds firm. According to market expert Tom Tucker, the meme coin is showing signs of a double bottom formation on the daily chart, a classic bullish pattern that often signals the end of a downtrend.
The recent crypto market meltdown, fueled by geopolitical tensions and Bitcoin briefly slipping below $100,000, dragged SHIB down to $0.00001004—a level not seen in over 16 months. Despite a slight bounce, SHIB remains down 15% in June and nearly 39% from its May peak of $0.00001765.
Whale Exit and Falling Leverage Raise Caution Flags
Adding to the volatility, whale holdings in Shiba Inu have plummeted by 80%, suggesting large investors are treading cautiously. Open interest in leveraged positions has also dropped to $122.97 million, the lowest since April, signaling reduced speculative trading activity.
Yet, amidst the fear, Tucker’s chart analysis introduces a glimmer of hope. SHIB recently retested the crucial $0.00001030 support zone—a level from which it previously rebounded 71.6% in April. If this support holds, the double bottom pattern could trigger a sharp rally toward $0.00001752, representing a 62% upside from current prices.
ShibaInu Team Urges Patience Amid Bearish Sentiment
In response to the recent downturn, the ShibaInu team has called on its community to stay resilient. Marketing lead Lucie encouraged holders to “remain calm,” reaffirming that SHIB’s long-term vision remains intact. She reiterated the team’s ambitious $0.01 price target, acknowledging that while it may take time, loyal holders could be rewarded.
With a potential double bottom formation forming and a strong support level in play, all eyes are on SHIB’s next move. Will the meme coin rally again, or is more turbulence ahead? For now, the chart suggests a bullish reversal is within reach—if the critical floor holds.
