Analyst Tom Tucker is making predictions about the potential for a 62% price increase for Shiba Inu (SHIB) based on technical analysis despite current geopolitical risks.
Formation of Double Bottom and Growth Forecast
According to analyst Tom Tucker, Shiba Inu has formed a potentially bullish double bottom pattern that could lead to a 62% price increase. The model was identified amid market weakness due to escalating geopolitical tensions in the Middle East. Tucker notes that the coin's price fell to a minimum of $0.00001004, marking a 16-month low.
Drop in Whale Holdings and Falling Open Interest
The broader market weakness coincides with an 80% decline in whale holdings as large investors become more cautious amid market uncertainty. Open interest has fallen to $122.97 million, reaching levels not seen since early April, indicating reduced appetite for leveraged trading among derivatives participants.
Critical Support and Conditions for Recovery
The current price of Shiba Inu must hold above the critical support level around $0.00001030 to confirm the double bottom formation and potentially trigger a 62% rally towards $0.00001752. If SHIB can hold above this level, it could create conditions for a healthy rebound, reducing volatility and liquidation risks.
In the face of current uncertainty, Shiba Inu has chances for developing a bullish scenario if it can hold support levels, potentially leading to significant price recovery.
