SHIB Forms Double Bottom at $0.00001030, Here’s Why Analysts Are Targeting $0.00001765 Next

SHIB forms a double-bottom at $0.00001030, signaling a potential rebound toward $0.00001765.

Over 410T SHIB burned, reducing supply by 41% and possibly supporting future price growth.

Futures open interest drops as whales reaccumulate, hinting at a possible bullish trend shift.

SHIB is now priced at $0.00001040 and could potentially climb above the $0.00003 threshold as bullish momentum builds. With technical patterns forming and token burns reducing supply, analysts are monitoring the token for a possible breakout and a potential 3x move.

Bullish Chart Patterns Suggest Recovery Potential

According to an analysis prepared by Crypto Catalyst, Shiba Inu is showing signs of recovery as it forms a double-bottom pattern. This setup, identified around the $0.00001030 level, reflects historical support zones that have previously triggered price rebounds. If confirmed, the pattern points to a target near $0.00001765.

The price has declined from $0.00001765 in May, reaching oversold levels on the RSI and Stochastic Oscillator. However, the chart also suggests SHIB may be consolidating, as noted by the symmetrical triangle pattern visible on recent timeframes. A breakout from this pattern could send SHIB above the $0.00003 mark.

SHIB has also dropped below its moving averages, indicating caution remains among traders. However, the ongoing pattern formation may represent a base from which the token could move higher if key levels hold.

Token Burns, Ecosystem Growth, and Accumulation Drive Optimism

Over 410 trillion SHIB tokens have been permanently removed from circulation, reducing the total supply by around 41%. This deflationary pressure may help push the price upward if market demand returns

Source: TheCryptoTimes(X)

At the same time, SHIB’s Shibarium Layer 2 network is expanding, with new upgrades aimed at improving decentralization and privacy. According to The Crypto Times, large holders appear to be accumulating tokens again

This behavior follows weeks of decline in whale and smart money positions, suggesting potential renewed confidence. Futures open interest has dropped from nearly $300 million in May to $122 million, pointing to lower leverage and possible preparation for a shift in trend.

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