Shiba Inu price eyes a 62% rally if it breaks out of a bullish triangle pattern, despite a 211M SHIB sell-off and 18% drop to $0.0000119 in June.
Shiba Inu (SHIB) has experienced an 18% decline in the past month and is trading at $0.0000119 on June 17.
The daily trading volume is $156 million, with a 2% decline.
The Shiba Inu price may be on the brink of a rally following the formation of a symmetrical triangle pattern on the one-day timeframe chart.
A bullish breakout could result in a 62% increase. In the interim, proprietors of SHIB tokens sold 211 million tokens at a loss, indicating a temporary capitulation.
Shiba Inu Price Analysis As 62% Rally Approaches
The Shiba Inu price has the potential to increase by 62% due to the formation of a bullish symmetrical triangle pattern.
This pattern indicates a tightening consolidation range, following which the price could burst out to either side.
If an upward breakout occurs, the subsequent rally could represent a 62% increase from the breakout point at the upper trendline of this triangle to $0.0000205.
Nevertheless, the occurrence of such a rally is contingent upon the price of SHIB surpassing the resistance level at $0.0000126.
The next trajectory of the Shiba Inu price is likely to be significantly influenced by the 50-day SMA.
The short-term market sentiment will remain bearish, making buyers hesitant to purchase the dip until this prominent meme coin crosses above $0.0000137.
Nevertheless, a potential 62% rally in the event of a symmetrical triangle breakout will be facilitated by the surging past $0.0000126 and the turning of the 200-day SMA of $0.0000168.
The RSI indicator, which is currently at 37, clearly indicates that the momentum that drives Shiba Inu’s price movements is bearish, thereby highlighting a vulnerability in this bullish case.
However, this decreasing RSI may indicate that sellers are exhausted as it approaches the oversold level of 30.
The SHIB price can recover if there are no more vendors in the market that keep it down.
211 M SHIB Sell-Off May Provide Support For Recovery
The Network Realized Profit/Loss (NPL) indicator of Santiment indicates that many holders, commonly called “weak hands,” are disposing of their SHIB tokens during the decline.
These holders realized the maximum level of losses since March 2024 on June 16, when they sold 211 million Shiba Inu coins at a loss.
As in the most recent instance, a significant decrease in NPLs typically implies a bullish Shiba Inu price prediction.
As the meme coin reaches a local low, it indicates capitulation, which could lead to a healthy recovery to the upside if “strong hands” begin to accumulate.
For example, in March 2025, the price of SHIB increased from $0.000013 to $0.000014 within days when traders sold 141 million SHIB at a loss, according to Sentiments data.
In March 2024, traders witnessed an even more significant rally when they sold an astounding 884 million tokens at a loss, resulting in a 56% increase in the price of Shiba Inu from $0.000023 to $0.000036.
The technical structure indicates that SHIB bulls will continue to defend support if history repeats itself, which is frequently true with meme coins and most crypto assets.
This is because the entrance of new buyers triggers a 62% rally.
In summary, the price of the Shiba Inu may experience a 62% increase if it breaches the upper trendline of a narrowing symmetrical triangle pattern.
The price may enter a healthy recovery phase if “weak hands” sell 211 million tokens at a loss, as a critical on-chain indicator indicates short-term capitulation.
