Shiba Inu Rebounds 15% Amid Bullish Technicals and Market Optimism

Shiba Inu (SHIB) has shown resilience in the face of market volatility and whale sell-offs, with its price rebounding 15% from its weekly low on June 25. The token is currently trading at $0.00001175, marking a significant recovery from its recent lows. This rebound comes after SHIB had dropped nearly 35% from its May high of $0.00001765, reflecting the broader uptick in the crypto market.

A technical setup is emerging in favor of SHIB, as the price has formed a double-bottom pattern at $0.00001025. This pattern is widely regarded as a bullish reversal, with the neckline indicating the prior high of the price at $0.00001765. Traders are closely monitoring a potential breakout above this level, which could push the SHIB price toward $0.000025. This target represents an estimated gain of 115% from current levels, with the first major resistance remaining the neckline itself, which is 52% higher than SHIB’s current price.

High momentum indicates a rising sentiment. The MACD lines have already formed a bullish cross, and the RSI is increasing above the level of 50. These signs point to the growth of purchase demand and the potential further extension of the current recovery. Despite the bullish technical indicators, data from Santiment reveals that large holders have continued reducing their positions. Addresses with 100 million to 1 billion SHIB now hold 17.92 trillion tokens, down from 18.8 trillion last December. Mid-tier and small whales have also trimmed their holdings.

Regardless of the whale activity, the optimistic mood in the crypto world and market might promote SHIB perspectives even more. A bullish tone has been fed by the limited supply of exchanges in Bitcoin, the alleviation of geopolitical issues, and a possible change in monetary policy by the U.S. Federal Reserve System. SHIB usually reacts positively to positive Bitcoin trends and also to risk appetite in general. This suggests that despite the ongoing whale sell-offs, macroeconomic tailwinds and technical indicators are aligning to support a sustained recovery in Shiba Inu.