The blue-chip dog-themed meme coin Shiba Inu (SHIB) is forming a ‘W’ shape on the weekly charts. Bouncing back 16.8% in two weeks amidst Bitcoin’s brand new $122K price milestone, SHIB is now just above $0.000013 with further upside potential towards $0.000034, which represents the yearly peak formed in December, 2024.
Big ‘W’ Letter Unveils Shiba Inu’s Next Target
So, in this case the ‘W’ letter could mean a drastic Shiba Inu’s (SHIB) price trend reversal. “The sell volume is non-existent, and all it takes is just some volume coming in and these bear trends will reverse in a big way”, – notes technical crypto analyst Cantonese Cat to their 42K followers.
This bullish theory is backed by the fact that Shiba Inu’s (SHIB) crypto wallet count has been gradually increasing. According to IntoTheBlock, there’s over 1.4 million on-chain wallet addresses holding Shiba Inu (SHIB), but the daily wallet activity paints a whole different picture.
Certainly, Shiba Inu’s active addresses witnessed a flop since January, as the daily averages were cut in half from 6K to 3K wallets. While SHIB still registers over 1,000 new crypto wallet addresses on a daily basis, last week was fruitful with hikes of 59% in new wallets & a 56% upswing in active accounts.
For the time being, Shiba Inu (SHIB) saw notable improvements in Spot trading volumes, hitting $306 million in the latest 24-hour period. However, the major test is waiting for Shiba Inu (SHIB) at $0.000014, where a resistance wall with 518.23 trillion SHIB tokens awaits. If that’s flipped back into support, the $0.000034 prediction by Cantonese Cat becomes realistic.
On The Flipside
- Shiba Inu’s current price range puts 40% of SHIB custodians in profit, while 57% are still in the red.
- The official Shiba Inu community Telegram channel saw a 0.20% member decrease in 7 days.
Why This Matters
Historical price data doesn’t guarantee an accurate price prediction, but rather lets us measure the rational boundaries of a crypto coin’s price movement.
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People Also Ask:
The ‘W’ pattern, or double bottom, is a bullish technical formation signaling a potential price trend reversal after hitting two lows, suggesting SHIB could rise from its current price toward higher levels.
It indicates a shift from a downtrend to a potential uptrend, with SHIB possibly retesting its December 2024 high of $0.000034 if it breaks above key resistance levels.
Key resistance is around $0.00001396–$0.0000142. A breakout could target $0.000034, while support underlies $0.00001041–$0.0000118.
Increased token burns (e.g., 116M coins burned recently), high trading volume, and bullish indicators like RSI and MACD crossovers fuel optimism.
Yes, failure to break resistance or a drop below $0.0000072 could invalidate the bullish pattern, leading to further declines amid market volatility or bearish sentiment.
