Will Shiba Inu Price Bounce 62% After Retesting the $0.00001004 Support?
The post Will Shiba Inu Price Bounce 62% After Retesting the $0.00001004 Support? appeared on BitcoinEthereumNews.com.
Shiba Inu (SHIB) coin is in the midst of a season of prolonged volatility following a 16-month low of $0.00001004. Market analysts have evaluated the possibility of the current price formation leading to a 62% rally to the May high at about $0.00001752. Shiba Inu Price Double Bottom Structure Near Support In a recent chart development, Shiba Inu price indicated that it has again approached the support region at around $0.00001004, where a double structure is forming. This support was initially touched on April 7, and recovered to $0.00001765 in May. This trend showed a bullish reversal possibility in the case of a second retest. Analyst Tom Tucker, who shared this setup in a recent post, explained that the structure may be forming a classic double bottom on the daily timeframe. This technical formation is known for its historical reliability in marking the end of downtrends. Shiba Inu Price Chart Source: X For the pattern to confirm, Shiba Inu coin price must maintain stability above the $0.00001030 level, according to Tucker. Confirmation Requires Broader Market Stability More so, Tucker added that a firm hold above the $0.00001030 region may act as a validation point for further upside. Still, this movement is subject to a more stable situation within the state of the crypto market. Geopolitical crisis, mostly due to the United States’ involvement in the current Iran-Israel conflict, contributed to market-wide sell-offs, triggering the recent downturn. Even though the SHIB price has rebounded 7.5% after reaching a new intraday low, the meme coin has dropped 15% in June. Momentum indicators are in or very close to oversold areas, indicating the possibility of a short-term rally, unless macro factors cause buyers to pause. Descending Channel Suggests Upside If SHIB Support Holds A separate analysis from chartist Jonathan Carter has identified a…
