Will Shiba Inu Price Bounce 62% After Retesting the $0.00001004 Support?

Shiba Inu (SHIB) coin is in the midst of a season of prolonged volatility following a 16-month low of $0.00001004. Market analysts have evaluated the possibility of the current price formation leading to a 62% rally to the May high at about $0.00001752.

Shiba Inu Price Double Bottom Structure Near Support

In a recent chart development, Shiba Inu price indicated that it has again approached the support region at around $0.00001004, where a double structure is forming.

This support was initially touched on April 7, and recovered to $0.00001765 in May. This trend showed a bullish reversal possibility in the case of a second retest.

Analyst Tom Tucker, who shared this setup in a recent post, explained that the structure may be forming a classic double bottom on the daily timeframe. This technical formation is known for its historical reliability in marking the end of downtrends.

For the pattern to confirm, Shiba Inu coin price must maintain stability above the $0.00001030 level, according to Tucker.

Confirmation Requires Broader Market Stability

More so, Tucker added that a firm hold above the $0.00001030 region may act as a validation point for further upside.

Still, this movement is subject to a more stable situation within the state of the crypto market.

Geopolitical crisis, mostly due to the United States’ involvement in the current Iran-Israel conflict, contributed to market-wide sell-offs, triggering the recent downturn.

Even though the SHIB price has rebounded 7.5% after reaching a new intraday low, the meme coin has dropped 15% in June.

Momentum indicators are in or very close to oversold areas, indicating the possibility of a short-term rally, unless macro factors cause buyers to pause.

Descending Channel Suggests Upside If SHIB Support Holds

A separate analysis from chartist Jonathan Carter has identified a descending channel pattern on SHIB’s daily chart.

The token recently declined from the upper resistance of this channel and is now retesting its midline support. This zone has acted as a recurring inflection point during past moves.

If the midline support maintains its integrity, Carter projected that SHIB could aim for $0.00001250, $0.00001500, $0.00001730, $0.00002050, and potentially $0.00002420.

These projections are supported by historical price reactions and volume accumulation levels indicated on the volume profile.

Whale Holdings Drop as Open Interest Retreats

Despite the technical optimism, Tucker noted that underlying metrics reflect reduced investor participation.

Since the start of the year, whale wallet ownership has reduced by 80%. Such a decline implies that either large positions have dissolved or are still awaiting further indications before repositioning

At the same time, SHIB open interest futures fell to $122.97 million, the lowest since early April.

Decreases in open interest frequently indicate a downturn in speculative behavior that may cause intense directional trading to decelerate unless substituted by volume that depends on spots..

Shiba Inu Team Urges Patience Amid Downtrend

In response to recent market concerns, Shiba Inu ecosystem marketing lead Lucie has urged community members to remain patient.

She reiterated that the long-term development roadmap remains active, and the team continues to work toward broader adoption and utility.

Moreover, the team has recognized that the speculated price of $0.01 might not be so soon. Nevertheless, they asserted that good fundamentals and dedicated holders may assist future rallies when the market conditions stabilize.

Meanwhile, recent analysis showed Shiba Inu price experiencing unrelenting downside risk in spite of a massive 1,900% hike in its daily burn rate.

Technical indicators suggested a downward pattern of a descending triangle with a downtrending support at $0.0000111.

A collapse may drive SHIB to $0.0000054, with RSI hovering around 30 and the 50-simple moving average well above the current value.