SHIB Coin: Potential Accumulation Phase and Double Bottom Formation
SHIB coin is currently trading within a tight range, suggesting a possible accumulation phase.Teh price has been hovering around key support levels,hinting at a potential double bottom pattern.
On the daily chart, SHIB has been relatively flat, oscillating between support and resistance. This sideways movement often indicates accumulation, especially when the price holds above important demand zones. Right now, SHIB is near the lower end of its range, where a double bottom pattern may be forming. This could signal a bullish reversal if demand returns at these levels.
Here are the key technical points:
- Sideways Price Action: SHIB is ranging within defined support and resistance levels.
SHIB’s price action suggests an accumulation phase. The coin is holding support, and resistance levels on the daily chart.
- Double Bottom Potential: The price is revisiting previous support levels, which could form the second leg of a double bottom.
- Value Area Low in Focus: Support near the value area low and weekly levels offers a high-probability demand zone for buyers.
- Accumulation Phase Behavior: The ranging behavior combined with support defense points toward accumulation.
SHIB continues to consolidate within a horizontal range. The lack of a directional breakout places technical emphasis on accumulation. Recent price action shows measured pullbacks into demand zones, especially around the value area low and weekly support.
A potential double bottom formation is developing at the range low. The first bounce from this zone triggered a bullish reaction. If bulls defend this level again,a second bounce could confirm the double bottom structure. This pattern often precedes a breakout when confirmed by rising volume.
If bulls manage to defend the value area low again and volume increases on the second bounce, SHIB could complete the double bottom and begin a breakout phase. A confirmed move above resistance would signal the end of the accumulation range and the start of a bullish expansion.
