SHIB coin has been trading in a tight range on the daily timeframe, showing signs of a potential accumulation phase. With support holding and a possible double bottom forming, bulls may soon get their opportunity to drive price higher, if demand returns at key levels.
SHIB (SHIB) has remained relatively flat on the daily chart, oscillating within a well-defined range between support and resistance. While the sideways action may seem directionless, it often signals accumulation, especially when price consistently holds above key demand zones. Currently, SHIB is hovering near the lower end of the range, where a potential double bottom pattern is taking shape, hinting at a possible bullish reversal.
Key technical points
- Sideways Price Action: SHIB is ranging within defined high-timeframe support and resistance levels on the daily chart.
- Double Bottom Potential: Price is revisiting previous support levels where a bullish reaction may 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 to defend.
- Accumulation Phase Behavior: Ranging behavior combined with support defense points toward accumulation, not distribution.
SHIB continues to consolidate within a horizontal range, and the lack of a directional breakout places technical emphasis on the concept of accumulation. Recent price action has not shown significant weakness, but rather measured pullbacks into demand zones, especially around the value area low and weekly support.
A potential double bottom formation is now 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 is a classic reversal setup and, when confirmed by rising volume, often precedes a breakout.
This supports the view that moves into support may present buying opportunities, as long as price holds the key demand areas. Unless SHIB breaks down decisively below these levels, the market structure continues to favor accumulation.
What to expect in the coming price action
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 beginning of a bullish expansion.
