Shiba Inu’s 18% Monthly Price Gain Signals Potential Double Bottom Rally
Shiba Inu’s (SHIB) recent price surge appears to be forming a double bottom pattern, a bullish signal for the cryptocurrency. SHIB has seen an 18% increase in price this month, marking its best performance since November. This surge has been supported by a 7% jump in the last 24 hours, reflecting the growing risk appetite in the crypto market following Bitcoin’s rally to new all-time highs above $118,000.
The uptrend is accompanied by significant trading volumes and an increase in token burn, which has reduced the supply of SHIB in circulation. Key insights from AI analysis reveal that SHIB experienced a 7% surge in price over a 24-hour period, with a substantial volume of 1.904 trillion tokens changing hands. Despite a slight reversal in the last hour of trading, SHIB still maintained its upward momentum.
Resistance levels and support zones have been established for SHIB, with potential for further gains towards the $0.000014000 psychological level. The recent price action has also hinted at a double bottom pattern on the daily chart, with a key resistance level at $0.00001764 signaling a potential bullish trend reversal.
Overall, SHIB’s recent price rally and technical patterns suggest a positive outlook for the cryptocurrency. Please note that AI tools were used to generate parts of this content, which was reviewed by our editorial team to ensure accuracy and adherence to our standards.
