Shiba Inu Surges 18% in July, Hints at Double Bottom Breakout
Shiba Inu (SHIB) has posted an impressive 18% rally so far this month, making it the meme coin’s best performance since November. The surge reflects growing appetite for risk across crypto markets, fueled by Bitcoin’s breakout to a new all-time high above $118,000.
The price action suggests that SHIB may be forming a double bottom pattern — a widely-watched bullish reversal setup — signaling the potential for more upside if key resistance levels are broken.
Bullish Momentum and Volume Surge
Over the past 24 hours, SHIB gained over 7%, rising from $0.000012476 to $0.000013399, driven by an explosion in trading volume. According to CoinDesk Research’s AI model, volume hit 1.904 trillion tokens during the most active hour — nearly double the 24-hour average.
The rally lost some steam in the final hour of the session, with SHIB pulling back slightly by 1% to $0.000013385, likely due to liquidation pressure.
Token Burn and Support Levels
Contributing to the rally is SHIB’s ongoing token burn initiative. Over 9.5 million tokens were permanently removed from circulation in the last day, though the immediate impact on price was limited.
Technically, SHIB broke through resistance at $0.000013110 on strong volume. New support has formed around $0.000013230, with overhead resistance at $0.000013580. If momentum continues, the next target could be the psychologically significant $0.000014000 level.
Double Bottom Pattern in Focus
SHIB’s strong performance comes after a successful defense of its April low around $0.00001005 — the first trough in what now appears to be a developing double bottom.
This pattern, consisting of two similar lows separated by a moderate rebound, is considered complete once price breaks above the high between the troughs — in SHIB’s case, the May peak at $0.00001764. A clean move above that level would confirm the breakout and likely trigger a fresh bull run.
