Shiba Inu Leads Altcoin Rally With Strong Monthly Performance
Shiba Inu (SHIB) has shown a remarkable recovery in July, surging 18% month-to-date and delivering its strongest performance since November. The meme coin’s rebound aligns with a broader wave of increased risk appetite in the crypto market, as Bitcoin surged past $118,000.
This momentum has placed SHIB in a prime technical position, potentially forming a double bottom pattern, a classic bullish reversal signal.
Robust Trading Volume and Token Burns Support the Rally
SHIB’s latest price jump isn’t just speculative. The rally has been backed by exceptionally high trading volumes and a significant increase in token burning activity. Over the past 24 hours, more than 9.5 million SHIB tokens have been permanently removed from circulation.
This supply reduction supports price appreciation by limiting available tokens, even if the short-term impact on price remains muted.
Trading data highlights that SHIB rose 7% from $0.000012476 to $0.000013399 between July 10 and 11, with volume exceeding 1.9 trillion tokens — nearly double the average 24-hour volume. Despite a slight dip of 1% in the final trading hour on July 11, the overall uptrend remains intact.
Key Support and Resistance Levels to Watch
- Support: $0.000013230
- Resistance: $0.000013580
- Psychological barrier: $0.000014000
SHIB also broke through the $0.000013110 resistance, which was accompanied by elevated trading activity, a sign of strong market conviction. Holding above this level could lead to further gains.
Double Bottom Breakout Could Signal a Major Rally
Technically, SHIB’s price chart indicates the development of a double bottom formation, a bullish reversal pattern where two equal lows are followed by a break above the neckline resistance.
In SHIB’s case, the key level to watch is $0.00001764, the high from May. A confirmed breakout above this point could validate the pattern and potentially ignite a strong rally toward new short-term highs.
Shiba Inu Bulls Eye Breakout Above May High
With a successful defense of the April low near $0.00001005, growing volume, and a reduction in token supply, Shiba Inu is showing signs of a sustainable trend reversal. If buyers push the price above $0.00001764, SHIB could confirm a major breakout, positioning itself for another leg up in 2025.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.