- Shiba Inu formed a strong support base at $0.00001100 and recently surged past $0.00001170.
- A double-bottom pattern targets $0.00001765, signaling a possible 70% upside from current levels.
- RSI at 42.30 suggests early bullish divergence, though a breakout above $0.00001194 is crucial.
Shiba Inu recently touched a weekly low of $0.00001160, losing 1.5% amid market-wide weakness and geopolitical tension. The decline was fueled by Bitcoin’s volatility, which dragged most altcoins lower. Now, SHIB is clinging to the $0.000011 zone, testing a critical support at $0.0000102, last seen in April.
Despite the pullback, analysts suggest a potential bullish reversal may be forming. A TradingView expert pointed to a developing double-bottom pattern a bullish W-shaped setup. The formation’s base sits near $0.00001030, and a neckline breakout at $0.00001765 could spark a substantial 70% rally from current levels.
Shiba Inu Price Pushes Past $0.00001170
Shiba Inu has begun showing signs of recovery after weeks of bearish momentum characterized by lower highs and lower lows. The meme coin has now formed a strong support base near $0.00001100, and its recent surge beyond $0.00001170 indicates renewed buying interest, acting as a key pivot level.
Technical analysts suggest that if SHIB maintains this upward pressure and closes above the $0.00001200 threshold, it could break its negative pattern. A confirmed breakout might signal a trend reversal, attracting bullish traders who’ve been waiting on the sidelines during the downturn.
Meanwhile, the SHIB burn rate a vital deflationary tool meant to shrink the token’s circulating supply has cooled notably. According to Shibburn, just 19 million SHIB tokens were burned in the last 24 hours, a sharp drop compared to historic figures. This decline reflects waning short-term burn enthusiasm.
SHIB Recovery Hints at Bullish Reversal
Shiba Inu continues to draw attention with bullish long-term price projections. Technical analyst Ehsan Zeydabadi identifies potential upside targets at $0.0000135, $0.00001567, and $0.00001700, highlighting key resistance levels to monitor on the path forward.
In a sign of enduring community dedication, over 410 trillion SHIB tokens have been permanently removed from circulation through ongoing token burns. This deflationary move is seen as a strategic effort to enhance scarcity and support long-term price growth.
Adding to the optimism, CoinCodex forecasts place SHIB’s price between $0.00001701 and $0.00001947 by December 2025. If realized, this range could mark a significant 60% increase from current trading levels, reinforcing bullish sentiment among long-term investors.
Read More: Shiba Inu (SHIB) Holds Crucial Support, Eyes Trendline Breakout