Shiba Inu Surges 5.2% Completing Bullish Reversal Pattern BONK Rallies 23% to $0.00001665 on ETF Speculation

Shiba Inu (SHIB) has completed a bullish reversal pattern, surging 5.2% in the past 24 hours. This surge marked the completion of an inverse head-and-shoulders (H&S) pattern on the hourly chart, confirming a bullish shift in momentum. An inverse H&S pattern, which appears after a notable sell-off, comprises three troughs, with the middle one being the lowest and flanked by shallow and equidistant ones on either side. This pattern indicates that SHIB has established a new support level at $0.00001162, with technical indicators suggesting continued bullish momentum as the token maintains prices above this level.

Meanwhile, BONK, a memecoin built on the Solana blockchain in late 2022, has surged 23% to $0.00001665 in the past 24 hours, becoming the best-performing top 100 cryptocurrency by market value. The rally featured three distinct waves, with the most aggressive buying occurring between 23:00 and 01:00, when volume peaked at nearly 3 trillion units, establishing a high-volume support zone around $0.0000161. This bullish development follows reports that Tuttle Capital’s proposed 2x Long BONK ETF has taken a procedural step forward, indicating strong buying interest and speculation around the potential ETF.

Both SHIB and BONK displayed inverse head-and-shoulders patterns, indicating continued bullish momentum. The completion of these patterns suggests that both tokens are poised for further gains, with strong buyer interest and support levels established. The bullish reversal patterns in both SHIB and BONK highlight the potential for continued upward momentum in the memecoin market, driven by speculation and strong buying interest.