SHIB market analysis: Long positions defend the 0.000012 USD support level, aiming to achieve a double bottom pattern.

Gate News bot news, according to IntoTheBlock data, the in-the-money and out-of-the-money price (IOMAP) indicator supports the technical structure of Shiba Inu (SHIB), with 0.000012 USD as the main support level—because 30,000 addresses purchased over 150 trillion SHIB at this price.

Considering that most of the profitable SHIB holders bought in at this price level, traders may view this as the best buying price. Therefore, as SHIB approaches this support level, buying activity may surge.

At the same time, there is a very strong resistance level at $0.000013, where over 22,000 traders have bought more than 190 trillion SHIB at this level. To achieve a double bottom breakout to $0.000017, the SHIB price needs to break through this key resistance level.

In summary, SHIB is at a turning point, with bulls defending the key support level of $0.000012. If this support level is maintained and SHIB breaks through the resistance level of $0.0000136, its price may advance towards $0.000017, ultimately achieving the target of a double bottom formation.

Note: The double bottom pattern is a chart pattern used in technical analysis to indicate a potential reversal in asset prices. This pattern is widely popular among traders for predicting bullish price reversals.

Source: CoinGape