Shiba Inu’s 18% Monthly Gain: A Doge’s Tail of Bullish Reversal 🐶🚀

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What to know:

  • Shiba Inu‘s price has rallied 18% this month, marking its best performance since November, driven by increased risk-taking in the crypto market. 🚀
  • The cryptocurrency’s upswing is supported by robust trading volumes and an increase in token burn, removing a significant amount of supply from circulation. 🔥🔥🔥
  • A potential double bottom pattern is forming, suggesting a bullish trend reversal if SHIB breaks through the May high resistance level of $0.00001764. 📈

Shiba Inu’s (SHIB) month-to-date price rally seems to be setting the stage for a double bottom pattern, a major bullish setup. But let’s not get too excited yet, shall we? After all, it’s not every day that a joke cryptocurrency becomes the talk of the town. 🤷‍♂️

The joke cryptocurrency has risen 18% this month, its best performance since November, with prices gaining over 7% in the past 24 hours alone, according to CoinDesk data. The rally is consistent with the increased risk-taking in the crypto market triggered by bitcoin‘s rally to lifetime highs above $118,000. It’s like the entire crypto world decided to throw a party, and SHIB got the invite. 🎉

The upswing is characterized by robust trading volumes and an increase in token burn, which took out a major chunk of supply out of circulation, according to CoinDesk’s AI research. It’s like the SHIB community decided to play a game of “who can burn the most tokens” and everyone’s a winner. 🏆

Key AI insights

  • SHIB surged 7% during the preceding 24-hour period from July 10, 12:00 to July 11, 11:00, ascending from $0.000012476 to $0.000013399 on exceptional volume of 1.904 trillion tokens. That’s more tokens than there are grains of sand on a beach. 🏖️
  • Acute reversal materialized during the final 60 minutes from July 11, 10:26 to 11:25, with SHIB declining 1% to settle at $0.000013385 as liquidation pressure manifested. It’s like the market decided to take a quick nap. 😴
  • Token burn mechanisms accelerated with over 9.5 million SHIB tokens permanently withdrawn from circulation during the recent 24-hour period, though price impact remained subdued. It’s like burning a pile of leaves and hoping the wind doesn’t blow them back. 🍂

Key levels

  • Resistance breakthrough at $0.000013110 occurred on an exceptionally elevated volume of 1.904 trillion tokens. That’s a lot of tokens, even for a dog. 🐶
  • Volume-supported resistance level established, approaching twice the 24-hour average trading activity. It’s like the market decided to double down on its bets. 🎲
  • A conventional support zone formed around $0.000013230, with resistance positioned at $0.000013580. It’s like the market is playing a game of “hot potato” with these levels. 🥔
  • Sustained upward momentum suggests potential continuation towards $0.000014000 psychological level. It’s like the market is trying to break through a mental barrier. 🧠

Double bottom bull reversal?

SHIB’s double-digit month-to-date gain follows a successful defence of the April low at around $0.00001005, hinting at the formation of a double bottom pattern on the daily chart. It’s like the market is drawing a smiley face on the chart. 😊

The pattern comprises two nearly equal troughs separated by a recovery. A price rise through the trendline connecting the high point of the recovery is said to confirm the breakout and a bullish trend reversal. It’s like the market is trying to break free from its chains. 🛡️

In SHIB’s case, the so-called double bottom resistance is marked by the May high of $0.00001764. A move through that level would signal a major bull run. It’s like the market is about to take off, and SHIB is the rocket. 🚀

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2025-07-11 18:49