SHIB Forms Double Bottom Pattern Amid Accumulation Phase

SHIB coin has been trading within a narrow range on the daily chart, indicating a potential accumulation phase. The support levels have held firm, and a double bottom pattern is forming, which could signal a bullish reversal if demand returns at key levels.

SHIB has been oscillating within a defined range between support and resistance levels on the daily chart. This sideways movement, while appearing directionless, often indicates accumulation, especially when the price consistently holds above key demand zones. Currently, SHIB is near the lower end of this range, where a potential double bottom pattern is emerging, suggesting a possible bullish reversal.

Key technical points include the sideways price action, where SHIB is ranging within defined high-timeframe support and resistance levels. The double bottom potential is evident as the price revisits previous support levels, where a bullish reaction may form the second leg of the double bottom. The value area low and weekly levels offer a high-probability demand zone for buyers to defend, and the ranging behavior combined with support defense points toward accumulation rather than distribution.

SHIB continues to consolidate within a horizontal range, with no significant directional breakout. Recent price action has shown measured pullbacks into demand zones, particularly around the value area low and weekly support. A potential double bottom formation is developing at the range low, with the first bounce from this zone triggering a bullish reaction. If bulls defend this level again, a second bounce could confirm the double bottom structure, which is a classic reversal setup often preceding a breakout.

This supports the view that moves into support may present buying opportunities, as long as the price holds the key demand areas. Unless SHIB breaks down decisively below these levels, the market structure continues to favor accumulation.

In the coming price action, if bulls manage to defend the value area low again and volume increases on the second bounce, SHIB could complete the double bottom and begin a breakout phase. A confirmed move above resistance would signal the end of the accumulation range and the beginning of a bullish expansion.