Shiba Inu Price Jumps 4% as Transaction Volumes Hit Multi-Month Highs – Is $0.000045 Next?

Shiba Inu (SHIB) is gaining today, June 7, as weekend volatility favors bulls. The ongoing rally may continue after transaction volumes soared to multi-month highs, according to data from on-chain analytics platform Santiment. Meanwhile, a double-bottom pattern hints that a bounce from key support could push Shiba Inu price higher. As bullish signs align, is $0.000045 next?

At press time, SHIB trades at $0.0000128 with a 4% intraday gain per CoinMarketCap’s data. Volatility is rising, with the price fluctuating between a daily low of $0.0000122 and a daily high of $0.0000128.

Shiba Inu Price Targets $0.000045 Next as Key Support Holds

Shiba Inu price has been under bearish pressure over the last two weeks, similar to most meme coins. The dip stirred concerns of a potential SHIB price crash to $0.000009 after support on the daily price chart faltered.

However, zooming out to a higher timeframe, more so the weekly chart, a bullish chart pattern remains intact. This pattern is a double-bottom, which usually signals that a trend is about to reverse from bearish to bullish. However, to confirm this pattern, Shiba Inu price first needs to defend support at $0.000013.

SHIB bounced from this support level in early April before recording a brief rally. If it defends this support again and the resulting upswing lasts, the first resistance it faces lies at the neckline of $0.000032. Flipping this level will set the stage for further gains to the target price of $0.000045.

However, the bullish pattern portrayed above faces a key hurdle, which is a lack of buying pressure. This is evidenced by the RSI, which stands at 42, a sign that the momentum is bearish. For the potential rally to $0.000045 to occur, the RSI needs to cross above 50 and confirm the maturity of the double-bottom pattern.

SHIB Transaction Volumes Surge

The 4% rally recorded by Shiba Inu price over the last 24 hours coincides with a surge in transaction volumes. Data from Santiment shows that in the last two days, daily SHIB transactions have surged significantly.

On June 5, the daily transaction volumes surged to 25.77 trillion, which marked the highest level in five months. On June 6, these volumes also came in at 18.68 trillion.

The surge in transaction volumes signals potential capitulation and could give room for the SHIB price to bounce and possibly reclaim $0.000045. This outlook also supports CoinGape’s recent analysis, noting a spike in SHIB’s Age Consumed metric that also shows capitulation by long-term holders.

Therefore, the emergence of the double bottom pattern on the higher time frame chart signals that Shiba Inu price may rebound to $0.000045 if it can defend support at $0.000013. The spike in transaction volumes also supports the thesis that long-term SHIB holders may be capitulating, giving room for Shiba Inu price to recover.

For a more detailed forecast on Shiba Inu price and how it will perform between 2025 and 2030 – Read This.