Shiba Inu (SHIB) has experienced an 8% decline since its monthly opening price of $0.000013. As of the latest market data, SHIB is trading at $0.0000121, showing a modest intraday gain of 0.8%. On June 16, 24-hour trading volumes reached $102 million, reflecting a gradual wane in market enthusiasm. Despite this, the slight upward movement today has reinforced the formation of a bullish double-bottom pattern, with buyers actively defending a critical support level at $0.000012.
Emerging Bullish Pattern on Daily Chart
The daily chart for Shiba Inu reveals the early development of a double-bottom reversal pattern—a technical signal often associated with trend reversals after prolonged downtrends. This formation suggests that after a sustained decline beginning May 12, SHIB has found solid footing at the $0.000012 price point.
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Notably, the $0.000012 level has been tested and held twice during the recent sell-off, indicating strong conviction among bullish investors. This repeated defense implies that market participants view this zone as a strategic entry point. As downward pressure begins to subside, conditions may be ripe for a sustained upward correction.
For the double-bottom pattern to fully materialize, Shiba Inu must break above the neckline resistance at $0.0000136. A confirmed breakout beyond this level could trigger a rally proportional to the depth of the pattern—projecting a potential 42% surge toward $0.000017.
Market Indicators: Mixed Signals Amid Growing Optimism
While technical structure leans bullish, momentum indicators present a more cautious outlook. The Stochastic RSI currently reads at 35, suggesting that sellers still maintain control in the short term. A move above the 50 threshold would be necessary to confirm bullish momentum and reduce bearish dominance.
However, the Chaikin Money Flow (CMF) offers a more optimistic perspective. After a sharp uptick, CMF has stabilized near neutral levels over the past week—an indication that buying pressure may be building. This consolidation phase could precede a breakout, especially if institutional or whale activity increases.
Whale Activity and Exchange Sentiment
Recent on-chain analysis highlights continued confidence among large holders and Binance traders, despite over a month of downward price action. These influential market participants have maintained or increased their positions, signaling long-term conviction in SHIB’s value proposition.
This alignment between whale behavior and technical support strengthens the case for a potential reversal. When major holders accumulate during downturns, it often limits further downside and sets the stage for future rallies.
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Key Support and Resistance Levels
The In/Out of the Money Around Price (IOMAP) metric from IntoTheBlock provides valuable insight into SHIB’s price structure. It reveals that approximately 30,000 addresses purchased over 15 trillion SHIB tokens around the $0.000012 level. This concentration of buying activity makes it a significant support zone, as these holders are now in profit and may defend this price aggressively.
Conversely, a strong resistance zone exists at $0.000013, where more than 22,000 addresses acquired over 19 trillion SHIB. Overcoming this hurdle will be essential before targeting the $0.0000136 neckline and, ultimately, the $0.000017 breakout target.
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Frequently Asked Questions (FAQs)
Can Shiba Inu reach $0.000017?
Yes, a move to $0.000017 is possible if SHIB breaks above the $0.0000136 resistance level—the neckline of the double-bottom pattern. This target represents a 42% rally from the current support zone.
Why is $0.000012 such a strong support level?
Over 30,000 addresses bought more than 15 trillion SHIB at or near $0.000012. Since these holders are now profitable, they are likely to defend this price, viewing it as a fair entry point and limiting further downside.
What resistance levels must SHIB overcome?
The immediate resistance is at $0.000013, where significant selling interest may emerge. The critical level for confirming the double-bottom breakout is $0.0000136.
Is buying pressure increasing for Shiba Inu?
While short-term momentum remains bearish (Stochastic RSI at 35), CMF data shows stabilizing inflows, suggesting that buyers are accumulating quietly. A sustained move above 50 on the Stochastic RSI would confirm strengthening demand.
How reliable is the double-bottom pattern for SHIB?
Double-bottom patterns are widely recognized in technical analysis as reliable reversal signals, especially when confirmed by volume and on-chain data. Given whale accumulation and strong support confluence, this setup holds considerable weight.
What could prevent a breakout?
Persistent lack of buying volume, negative market sentiment, or broader crypto downturns could delay or invalidate the pattern. Additionally, failure to hold $0.000012 would invalidate the setup and open risk toward lower levels.
Final Outlook: A Crucial Juncture for SHIB
Shiba Inu is at a pivotal moment. Bulls are firmly defending the $0.000012 support, backed by strong on-chain fundamentals and a developing double-bottom pattern. A decisive break above $0.0000136 could unlock a rally toward $0.000017, fulfilling the measured move target.
While short-term indicators remain mixed, the confluence of technical structure, whale activity, and historical buying zones paints an increasingly optimistic picture. Traders should monitor volume trends and momentum shifts closely for confirmation.
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As always, investors should combine technical analysis with risk management strategies when positioning for potential upside in volatile assets like meme coins. With SHIB showing signs of stabilization, the coming weeks may determine whether this resilience leads to recovery—or another test of support.
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