Shiba Inu Climbs 18% This Month, Raising Hopes for a Double-Bottom Breakout

Shiba Inu Jumps 18% in July as Double Bottom Pattern Emerges

Shiba Inu (SHIB) has surged 18% so far in July, marking its strongest monthly showing since last November, fueled by revived risk appetite across crypto markets as bitcoin rockets to new highs above $118,000.

The meme coin’s rally hints at the possible formation of a double bottom pattern, a classic bullish signal that could set the stage for further gains.

Over the past 24 hours alone, SHIB has climbed more than 7%, according to CoinDesk data. Trading volumes have been robust, and token burns have accelerated, removing significant supply from circulation—a development flagged by CoinDesk’s AI research team.

AI-Driven Insights

SHIB rallied 7% from $0.000012476 to $0.000013399 between July 10, 12:00 and July 11, 11:00, on hefty volume of 1.904 trillion tokens.
A pullback materialized in the final hour of that window, with SHIB easing 1% to settle near $0.000013385 amid liquidation pressure.
Over the past day, more than 9.5 million SHIB tokens were permanently burned, although the immediate price impact remained limited.

Key Price Levels

SHIB broke through resistance at $0.000013110 on exceptionally high volume, nearly double the 24-hour average.
Support has formed around $0.000013230, with resistance looming at $0.000013580.
If momentum continues, SHIB may target the psychological milestone of $0.000014000.

Double Bottom Potential

SHIB’s strong monthly performance follows a successful defense of April lows near $0.00001005, supporting the case for a double bottom pattern on the daily chart.

This pattern consists of two similar troughs separated by a rebound. A decisive breakout above the intervening peak confirms a bullish reversal.

For SHIB, the crucial double-bottom resistance sits at the May high of $0.00001764. A move above that level could trigger a significant upward run.