Shiba Inu’s (Shib) Month to date Price rally seems to set the stage for a double bottom pattern, a large bullish setup.
The Joke Cryptocurrency has risen 18% this month, the best performance since November, with prices winning over 7% over the past 24 hours alone, according to Coindesk data. The rally is in line with the increased risk taking in the crypto market triggered by Bitcoin’s Rally to Lifetime Over $ 118,000.
The recovery is characterized by robust trading volumes and and an increase in Token Burn, which took a larger part of the supply out of circulation, according to Coindesk’s AI research.
Key AI insight
- Shib rose 7% in the previous 24-hour period from July 10, 12:00 to 11 July, 11:00, and rose from $ 0.000012476 to $ 0.000013399 on unique volume of 1,904 trillion tokens.
- Acute reversing is materialized over the last 60 minutes from July 11, 10:26 to 11:25, with Shib fell 1% to settle on $ 0.000013385 as the liquidation pressure manifested.
- Token internal combustion mechanisms accelerated with over 9.5 million Shib-token’s permanently withdrawn from circulation in the last 24-hour period, although the price effect remained muted.
Key levels
- Resistance breakthrough to $ 0.000013110 occurred on an unusually elevated volume of 1,904 trillion tokens.
- Volume-supported resistance level established, approaching twice 24-hour average trading activity.
- A conventional support zone formed about $ 0.000013230 with resistance located to $ 0.000013580.
- Persistent Momentum suggests potential continuation of $ 0.000014000 psychological level.
Double Bound Tyrersal?
Shib’s double -digit win month to date follows a successful defense of the April Low of about $ 0.00001005, suggesting the formation of a double bottom pattern on the daily chart.
The pattern includes two almost equal troughs separated by an improvement. A price increase through the trend line that connects the high point of the recovery is said to confirm the outbreak and a bullish trend turning.
In Shib’s case, the so -called double -bottom resistance is marked by May high of $ 0.00001764. One step through this level would signal a larger bull race.
Disclaimer: Parts of this article were generated with the help of AI tools and reviewed by our editorial team to ensure accuracy and compliance with Our standards. For more information, see Coindesk’s full AI policy.
