Shiba Inu (SHIB) Nears 70% Gain as Double Bottom Pattern Forms
Shiba Inu (SHIB) is currently at a pivotal point, with traders closely monitoring its movement as it approaches a significant descending resistance level. The meme token is trading at approximately $0.00001177, and analysts are observing early indications of a double bottom formation. This pattern, if confirmed, could potentially drive SHIB above $0.00001765, setting the stage for a substantial rally during the upcoming altseason.
SHIB recently tested a low of $0.00001160 before rebounding near its crucial support level of $0.00001030. This support zone, last tested in April, is a critical
for the token's short-term trajectory. The current price resembles a double bottom, a pattern often associated with a potential reversal. A breakout above the neckline at $0.00001765 would confirm this formation, potentially leading to a 70% price increase. This setup is further supported by recent whale accumulation and a decline in open interest.The double bottom pattern for SHIB is developing after a prolonged downtrend that began in late 2024. If the token maintains support at $0.0000113 and rallies with strong volume, it could reach $0.000033, representing a 194% gain from current levels. Recent data indicates that large holders have accumulated 1.3 trillion SHIB tokens this week, suggesting a bullish outlook. This accumulation is accompanied by a drop in open interest, now at $134 million, the lowest since April.
According to a trader known as Pepe is friend on social media platform X, "SHIB is pretty much at the bottom now. If it really hits that support, it’ll likely move sideways before the next growth phase." This sentiment aligns with historical data, which shows that bullish moves often follow a decline in open interest. If volume returns as SHIB breaks through the descending resistance, a significant price expansion toward +$0.0001 could follow in the altseason ahead.

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