Shiba Inu (SHIB) Price Gears for 20% Rally as it Tests Crucial Resistance

Shiba Inu (SHIB) is up 6% this week after jumping from $0.0000125 to a seven-day high of $0.0000133 on June 11, as trading volumes hit $210 million.

Shiba Inu (SHIB) price is up 6% this week after the meme coin rose from $0.0000125 to a seven-day high of $0.0000133 on June 11, as trading volumes hit $210 million.

Shiba Inu price is testing the neckline of a double-bottom pattern that could spark a 20% rally as 527 trillion SHIB tokens near profitability.

Shiba Inu price has formed a double-bottom pattern on the four-hour timeframe, with both bottoms being around the $0.000012 and $0.0000124 price range. This zone has seen some buying interest over the past two weeks, which also makes it a strong support.

The neckline of this bullish pattern is at the $0.0000134 price, which SHIB was attempting to breach at press time. If the price manages to close above this resistance level, it will validate the bullish double-bottom pattern that could propel the meme coin to the $0.000016 price, which is nearly a 20% gain from the neckline.

However, before the rally to $0.000016 can begin, Shiba Inu price will have to move past a key supply zone between $0.0000141 and $00.0000144. The dog-themed meme token flipped this zone into resistance after the May 29 crash that triggered a 15% decline to $0.000012. Once it crosses above this zone, the rally to $0.000016 will be imminent.

Shiba Inu price chart by TradingView

Adding to this bullish outlook is the Relative Strength Index (RSI), which has been making higher highs and higher lows to stand at 59. The RSI’s movement shows that the bullish momentum towards SHIB price is still growing.

Moreover, the Average Directional Index (ADX) line is still sloping upwards, which also bodes well for the bulls. This further suggests that the uptrend, which started when Shiba Inu tested support at the second bottom, is still strengthening.

Additionally, CoinGape’s recent analysis noted that despite a decline in whale transactions, Shiba Inu price remains buoyant. This highlights the strong interest from retail traders, who are likely to be seeking profits during the ongoing rally.

As bullish signals align and 527 trillion SHIB tokens approach profitability, can Shiba Inu price surge to $0.000016 in the near term?

Shiba Inu price is testing the neckline of a double-bottom pattern on the four-hour chart. Both bottoms of this reversal pattern are around the $0.000012 and $0.0000124 price range, a zone that has seen some good buying interest over the past two weeks.

This price zone is also a strong support, and if the bulls manage to push the price above the neckline of the pattern, it will validate the bullish double-bottom pattern. A breakout from this resistance could propel Shiba Inu to the $0.000016 price, which is nearly a 20% gain from the neckline.

However, before the rally to $0.000016 can begin, Shiba Inu price will have to move past a key supply zone between $0.0000141 and $0.0000144. The dog-themed meme token flipped this zone into resistance after the May 29 crash that triggered a 15% decline to $0.000012. Once it crosses above this zone, the rally to $0.000016 will be imminent.

Shiba Inu price chart on the four-hour timeframe. Credit: Benzinga

Adding to this bullish outlook is the Relative Strength Index (RSI), which has been making higher highs and higher lows to stand at 59. The RSI’s movement shows that the bullish momentum towards SHIB price is still growing.

Moreover, the Average Directional Index (ADX) line is still sloping upwards, which also bodes well for the bulls. This further suggests that the uptrend, which started when Shiba Inu tested support at the second bottom, is still strengthening.

Additionally, CoinGape’s recent analysis noted that despite a decline in whale transactions, Shiba Inu price remains buoyant. This highlights the strong interest from retail traders, who are likely to be seeking profits during the ongoing rally.

Also Read: Shiba Inu Price Analysis: Can SHIB Spark A Breakout From Key Resistance?

Shiba Inu Holder Profitability Remains Low As 527 Trillion SHIB Tokens Near Profitability

According to data