Shiba Inu Jumps 18% in a Month, Pointing to a Possible Double-Bottom Pattern Rally

Shiba Inu Up 18% in July, Eyes Double Bottom Breakout

Shiba Inu (SHIB) has surged 18% so far this month, delivering its best monthly performance since November as traders dive back into risk assets amid bitcoin’s record-breaking rally past $118,000.

This momentum has sparked speculation that SHIB may be carving out a double bottom pattern—a bullish technical setup that could pave the way for further gains.

In the past 24 hours alone, SHIB has climbed over 7%, according to CoinDesk data. The price increase has been fueled by strong trading volumes and accelerated token burns, which are steadily shrinking the coin’s circulating supply, according to insights from CoinDesk’s AI research.

AI Insights

• SHIB rose 7% between July 10 at 12:00 and July 11 at 11:00, jumping from $0.000012476 to $0.000013399 on significant volume of 1.904 trillion tokens.
• A pullback occurred in the final hour of that period, with SHIB dipping about 1% to $0.000013385 as liquidation pressures emerged.
• Over 9.5 million SHIB tokens were burned in the past 24 hours, although this has had only a modest effect on price so far.

Critical Price Levels

• A breakout took place at $0.000013110 on unusually high volume, nearly doubling the average 24-hour trading activity.
• Strong support has been established around $0.000013230, with resistance now seen at $0.000013580.
• Continued buying pressure could propel SHIB toward the $0.000014000 psychological level.

Potential Double Bottom

SHIB’s monthly rally comes after a successful defense of the April low near $0.00001005, suggesting a possible double bottom formation on the daily chart.

A double bottom typically involves two similar price troughs separated by a rebound. Confirmation of the pattern comes when price breaks above the trendline connecting the recovery peak, signaling a bullish reversal.

For SHIB, the key resistance marking the neckline of this potential pattern lies at the May high of $0.00001764. A breakout above this level could open the door to a significant bull run.