Shiba Inu (SHIB) fell 5% on July 22, currently priced at $0.0000149 as per CoinMarketCap. It is a pullback following a 38% gain over the last 30 days. Even with the dip, current whale action, more than 1.7 trillion SHIB purchased, indicates major players expect the next move upward soon.
The recent price drop can be part of a classic 2023 pattern, which previously initiated a strong upsurge. During the last year, SHIB also registered a similar pattern before leaping up to $0.0000456.
That setup appears again, expecting yet again a breakthrough, where the support stays in position for sustained momentum. SHIB has been forming a double bottom pattern since December 2024. Prices for the pattern have stayed within a narrow range.
Resistance blocks Shiba inu’s bullish breakout
SHIB could not cross the $0.0000176 resistance. The traders are also cautious, expecting clearer indications before purchasing. Such caution may be a result of fear of losses on the lower side or uncertainty in the market in the short run.
The same resistance halted SHIB’s breakthrough in the latter part of 2023. Finally, after numerous attempts, SHIB rallied by 300% to $0.0000456. History in that classic rally indicates how significant the level is. SHIB making a similar move may see similar profits in the near term.
A repetition of the pattern now would strike March 2024’s high of $0.0000456 as per TradingView data. It would be a 194% surge from the current level. In case SHIB achieves the entire 300% surge, then the price would hit $0.000060, a new cycle high for the token.
Technical support zone holding firm
Technical analysts unveil the ongoing pullback as a strong retracement. So long as SHIB remains above the $0.00001430-$0.00001450 region, the bullish trend remains valid. A bounce from there would offer a validation of strength as well as rekindle hopes for an upward thrust.
A push back through $0.00001550 could restore bullish sentiment. This would pave the way for a retest above $0.00001600. Market watchers expect a strong bounce soon, which could mark the start of a powerful new leg upward in SHIB’s price.
