Key Takeaways:
- SHIB dropped nearly 38% after a U.S.–Iran geopolitical shock, with massive whale and futures outflows.
- Technicals show a possible double-bottom forming at $0.00001030, supported by oversold RSI levels.
- A confirmed breakout could drive SHIB 62% higher; failure may lead to a retest of $0.0000080.
Shiba Inu (SHIB) suffered a brutal correction, falling nearly 38% from its May 2025 highs. The crash came amid widespread market panic triggered by a U.S. airstrike on Iran. But while sentiment plunged, technical signals are beginning to whisper of a potential recovery.
#SHIB
— Jonathan Carter (@JohncyCrypto) June 23, 2025
Shiba Inu is forming a descending channel pattern on the daily timeframe🔍
The price has declined from the upper border and is now retesting the midline support zone💁♂️
A sustained bounce from this zone could drive the price toward targets at $0.00001250, $0.00001500,… pic.twitter.com/Zwtpqlm26V
Panic Pulls SHIB to 30-Day Lows
On June 23, SHIB bottomed out near $0.000011—the lowest price level in over a month. The sharp drawdown erased more than $12 billion in market value. Whale addresses reduced their holdings by over 80% in 30 days, while smart money holdings dropped 33%, totaling just 13.1 billion tokens.
SHIB futures open interest also took a hit, plummeting from $300 million in May to $122 million. These metrics highlight a widespread retreat by both speculative and institutional investors. On the technical side, SHIB dipped below all major moving averages, with momentum indicators like the MACD, RSI, and Stochastic Oscillator all flashing bearish.
Technical Indicators Hint at Double-Bottom Reversal
Despite the bloodbath, SHIB may be nearing a turning point. According to the Murrey Math Lines tool, SHIB is now trading in extreme oversold territory. RSI has touched 30—a historical level from which SHIB has often bounced.
A potential double-bottom pattern is also forming at $0.00001030, where price has tested strong support twice. If this level holds and SHIB reclaims resistance near $0.00001765 (the neckline), a bullish reversal could follow. Such a move would represent a 62% price rally from current levels.
Bounce or Breakdown? Crucial Support Zone Holds the Key
The next few sessions are critical for SHIB. Holding above $0.00001030 would validate the double-bottom structure and possibly trigger a bullish breakout toward $0.00001250 and beyond. However, a break below this level would invalidate the pattern and open the door to further losses.
Also Read: Shiba Inu (SHIB) Forms Double Bottom: Analyst Predicts 62% Price Rally
In that scenario, SHIB could drop to psychological support at $0.0000080. This level would likely act as a safety net—but not without additional pain for holders.
Shiba Inu finds itself at a technical and emotional crossroads. The recent drop shook the market, but emerging chart patterns hint at potential redemption. Whether SHIB rebounds or breaks down further hinges on support holding at $0.00001030.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
