After a prolonged downtrend since May, Shiba Inu (SHIB) is showing signs of forming a bottom as the price continues to hold steady at the $0.000012 support level. Since the start of the month, SHIB has declined by about 8% from its opening price of $0.000013 and is currently trading around $0.0000121, posting a modest 0.8% daily gain. Over the past 24 hours, trading volume has reached $102 million, reflecting waning market interest.
Double Bottom Pattern Signals Possible Rebound
On the daily chart, SHIB is forming a double-bottom pattern — an indication that selling pressure is easing and buyers are gradually gaining control. Since the downtrend began on May 12, SHIB has successfully defended the $0.000012 support level twice, reinforcing its strength as a key buy zone.
For this double bottom to complete and confirm an upward breakout, SHIB must first overcome resistance at $0.0000136. If successful, the price could rally 42% to $0.000017, matching the height of the pattern.
Main Obstacle: Lack of Strong Buying Momentum
While bulls continue to defend the current support, buying activity has yet to gain significant traction. The stochastic RSI currently reads 35, indicating that sellers still have the upper hand. Unless this indicator climbs above 50 soon, SHIB may face further tests of the $0.000012 support level.
On a positive note, the CMF indicator offers some optimism as it hovers near neutral levels following a recent surge. This suggests that capital inflows may be shifting in favor of buyers, potentially paving the way for an upward breakout.
Whales and Major Traders Remain Bullish
According to analysis, despite the month-long decline, large investors — including whales and Binance traders — remain bullish on SHIB, reinforcing the possibility of an imminent price surge.
Data from IntoTheBlock shows that $0.000012 is a critical support zone, with over 30,000 wallets purchasing more than 15 trillion SHIB at this price. As most current SHIB holders are in profit at this level, the zone could trigger a surge in buying interest when prices approach it.
Conversely, strong resistance lies at $0.000013, where more than 22,000 wallets acquired over 19 trillion SHIB. For the double-bottom breakout to play out and push SHIB towards $0.000017, this resistance must be decisively broken.
In short, Shiba Inu is at a critical juncture. If it can hold the $0.000012 support and breach the $0.0000136 resistance, SHIB may rally strongly in line with the double-bottom breakout scenario.
