In recent days, the price of Shiba Inu (SHIB) has been in a stage of volatility after reaching a 16-month low. Analyzing current trends and recovery opportunities.
Double Bottom Structure Near Support
On a recent chart, the price of Shiba Inu has again approached the support level around $0.00001004, where a double bottom structure is forming. This support was touched on April 7 and recovered to $0.00001765 in May. Analyst Tom Tucker noted that the structure may be forming a classic double bottom on the daily timeframe, a historically reliable indicator of downtrend ends.
Confirmation Requires Market Stability
Tom Tucker added that maintaining stability above the $0.00001030 level may act as a validation point for further upside. However, this movement depends on a more stable situation in the cryptocurrency market, which is under pressure from global geopolitical crises. Despite rebounding 7.5% after reaching a new intraday low, SHIB's price has dropped 15% in June.
Descending Channel Suggests Upside
Analyst Jonathan Carter identified a descending channel pattern on SHIB's daily chart. If the midline support maintains its integrity, Carter projected that SHIB could aim for $0.00001250, $0.00001500, $0.00001730, $0.00002050, and possibly up to $0.00002420.
The analysis of current price structures and market conditions indicates that Shiba Inu (SHIB) is experiencing volatility with potential opportunities for recovery. Market participants are advised to pay attention to support levels and global economic conditions.
