Is Shiba Inu Set for a Gold Rush? SHIB Poised to Skyrocket!

Jakarta, Pintu News – Shiba Inu (SHIB) is down 8% since its monthly opening price of $0.000013. As of June 16, Shiba Inu was trading at $0.0000121 with a slight intraday gain of 0.8%.

Meanwhile, trading volume for 24 hours on June 16 was recorded at $102 million as market interest waned. Today’s slight increase confirmed the formation of a bullish double-bottom pattern, as buyers held at the key support level of $0.000012.

Shiba Inu price nears breakout as bulls maintain support at $0.000012

The daily timeframe for the price of Shiba Inu shows the appearance of a double bottom pattern that is still in its early stages of formation. This pattern suggests that after a long downward trend that started on May 12, SHIB price has found strong support at $0.000012.

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Shiba Inu has successfully defended the $0.000012 support level twice since the downtrend began. This is a sign that the bulls consider this price a good entry point, and as the selling pressure eases, it opens up space for the start of the uptrend.

For this double bottom pattern to mature, the price of Shiba Inu must first break the neckline resistance located at $0.0000136. After that, a 42% breakout rally equivalent to the high of this pattern could emerge, pushing the price to $0.000017.

The main obstacle that could prevent a rally for this top meme coin is the lack of strong buying activity.

Although the bulls maintain $0.000012 as an important support level, buying activity remains limited, and as the stochastic RSI with a reading of 35 shows, the sellers still dominate.

Until the stochastic RSI crosses the 50 level, the bears may continue to push the price towards the $0.000012 support.

However, the CMF suggests that a breakout is getting closer. This metric has been oscillating at neutral levels for the past week after a sharp move north, which is a sign that buyers are trying to outbid sellers, which could be the first sign of a bull run towards $0.000012.

At the same time, a recent analysis from the CoinGape website noted that despite the month-long downward trend that began in early May, Binance whales and traders remain optimistic about SHIB. This also supports the hypothesis of a possible breakout rally for Shiba Inu prices in the near future.

Shiba Inu Key Levels to Monitor

The In Out of the Money Around Price (IOMAP) metric based on data from IntoTheBlock supports the technical structure showing $0.000012 as the main support.

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This is because 30,000 addresses bought more than 15 trillion SHIB tokens at that price.

Given that most of the currently profitable SHIB holders bought this meme coin at that price level, traders may see it as the best buy price.

Therefore, a surge in buying activity could occur when Shiba Inu prices are trading close to this support level.

Instead, there is a very strong resistance level at $0.000013, where more than 22,000 traders bought more than 19 trillion SHIB. For a double bottom pattern breakout towards $0.000017 to occur, the SHIB price needs to overcome this key resistance level.

In conclusion, the Shiba Inu price is at a turning point as the bulls defend the key support at $0.000012.

If this support holds and SHIB manages to break the resistance at $0.0000136, the price may move towards $0.000017, reaching the target of the double bottom pattern.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• Coingape. Shiba Inu Price Targets Double Bottom Breakout as Bulls Defend $0.000012 Support. Accessed on June 17, 2025