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|---|---|
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Category: CRYPTO NEWS
The post Shiba Inu Eyes 62% Rally as Analyst Spots Double Bottom Formation Amid Market Weakness appeared on BitcoinEthereumNews.com. Tom Tucker identifies double bottom formation suggesting potential 62% SHIB rally target Whale holdings drop 80% while open interest falls to $122.97 million amid geopolitical tensions Critical support at $0.00001030 must hold to confirm bullish pattern and price recovery Shiba Inu has formed a potentially bullish double bottom pattern that could drive a 62% price rally according to analyst Tom Tucker, who identified the technical formation despite broader market weakness triggered by escalating Middle East tensions. The meme coin crashed to an intraday low of $0.00001004 on Sunday, marking a 16-month price floor as Bitcoin’s temporary drop below $100,000 created spillover selling pressure across alternative cryptocurrencies. Tucker attributes the decline to geopolitical tensions as the United States became involved in the Iran-Israel conflict, creating risk-off sentiment that particularly affected speculative assets like meme coins. $SHIB crashed 7.5% to $0.000011 as geopolitical tensions spooked markets. Down 38% from May highs, with whale holdings -80% and futures OI at a 1-month low. TA shows deep oversold levels, but a double-bottom near $0.00001030 could spark a 62% rebound if support holds.#SHIB pic.twitter.com/uEo3ebjxXD — Tom Tucker (@WhatzTheTicker) June 22, 2025 Shiba Inu remains down 15% since early June and has surrendered 38.7% from May’s high of $0.00001765, though recent price action suggests potential reversal conditions may be developing. Whale Holdings Drop 80% as Leveraged Interest Declines The broader weakness coincides with an 80% decline in whale holdings as large SHIB investors adopt more cautious positioning amid market uncertainty. Open interest has fallen to $122.97 million, reaching levels not seen since early April and indicating reduced appetite for leveraged trading among derivatives participants. The combination of reduced whale participation and declining leverage suggests that speculative excess may be washing out of the market, potentially creating healthier conditions for sustained price recovery if fundamental demand returns.…
2025-06-24T03:42:44+00:00