Shiba Inu (SHIB) is showing signs of a rebound after a challenging year, with a bullish double-bottom pattern emerging. Backed by technical data and a thriving crypto market, it’s attracting investor attention. Here’s why SHIB could be poised for a breakout.
Is Shiba Inu a Profitable Opportunity?
Shiba Inu (SHIB), one of the most popular memecoins, has experienced a significant decline this year, losing billions in market value. However, encouraging signals suggest a potential price rebound, presenting a compelling opportunity for investors.
Here are the 4 key reasons indicating a potential trend reversal for SHIB:
1. Formation of a Bullish Double-Bottom Pattern
Technical analysis reveals a double-bottom pattern on SHIB’s daily chart—a strong bullish reversal signal. As long as SHIB holds above the critical support level at $0.00001035, this bullish structure remains intact. The token’s rebound from this demand zone suggests smart money accumulation.
A confirmed breakout above the neckline at $0.00001755** could pave the way for substantial gains. In the short term, surpassing **$0.0000128 would confirm the new bullish momentum. The intermediate resistance lies at $0.000015.
2. Declining SHIB Supply on Exchanges
Exchange inflow/outflow data shows that investors, particularly whales, are holding onto their SHIB tokens. Exchange reserves have dropped from 141 trillion to 140.38 trillion, indicating reduced selling pressure and increased hodling behavior.
3. Rising Open Interest in Futures Contracts
Another bullish indicator is the surge in SHIB futures’ open interest, reaching $59.2 million on July 2. Historically, such increases often precede uptrends in cryptocurrencies.
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4. Potential Bitcoin Rally
Shiba Inu could benefit from a broader crypto market rebound, fueled by expected Federal Reserve rate cuts and Bitcoin’s new all-time highs. With an 81% chance of surpassing its ATH before October, BTC may trigger altcoin buying waves—including SHIB.
Should You Buy SHIB Now?
While Shiba Inu has faced steep losses this year, these technical and fundamental factors suggest a possible rebound, offering a strategic entry point for savvy crypto traders. The key question: Will SHIB capitalize on this bullish window?
Fibonacci retracement levels indicate SHIB could target $0.00040 in coming years—a 30x increase from current prices. Additionally, a potential Dogecoin ETF could reignite memecoin momentum, indirectly boosting SHIB.
How to Buy SHIB (Quick Steps)
- Sign Up: Register on a reputable exchange.
- Complete KYC: Submit ID verification if required.
- Deposit Funds: Transfer USDT or BTC.
- Purchase SHIB: Place a market/limit order.
FAQ
Q: What’s the best time to buy SHIB?
A: During confirmed bullish patterns (e.g., double-bottom) or when Bitcoin rallies.
Q: Can SHIB reach its 2021 highs again?
A: Possible, but dependent on overall crypto market conditions and adoption.
Q: Is SHIB a long-term investment?
A: High-risk; suitable for speculative portfolios with proper risk management.