SHIB and BONK Show Bullish Potential as Key Technical Patterns Form
Shiba Inu (SHIB) and BONK are both flashing signs of possible price recoveries, with each displaying an inverse head-and-shoulders (H&S) chart formation—a technical signal often linked to a reversal from bearish trends to bullish momentum.
SHIB Moves Higher on Technical Breakout
Shiba Inu, one of the top meme coins by market capitalization, has climbed 5.2% in the last 24 hours, moving from $0.00001136 to $0.00001195. This gain came amid a spike in trading activity and a breakout from an inverse H&S pattern seen on the hourly chart.
This classic pattern, marked by three lows where the center is the deepest, suggests that the trend may be shifting in the bulls’ favor. SHIB found solid support around $0.00001162, confirmed by significant trading volume.
“Technical signals lean bullish, with SHIB maintaining levels above key support areas,” noted CoinDesk’s AI research.
SHIB Technical Highlights:
- Daily gain: +5.65%, rising from $0.00001136 to $0.00001200.
- Peak volume: 1.68 billion recorded at 16:00 UTC on July 2, establishing $0.00001162 as a critical support zone.
- Volatility: Between 10:09 and 11:08 UTC on July 3, SHIB slipped 0.41% but remained above $0.00001195.
- Resistance: The price faced challenges staying above $0.0000120 for a five-hour period, indicating short-term resistance.
- Major volume spike: A large order volume of 20.94 billion was seen at 11:04 UTC following a rebound from session lows.
BONK Surges on ETF Buzz and Milestone Growth
Meanwhile, BONK, the Solana-based meme token, has soared 23% to $0.00001665, making it the best performer among the top 100 crypto assets over the past day.
The surge was sparked by speculation surrounding Tuttle Capital’s proposed 2x Leveraged BONK ETF, which reportedly made headway with regulators. Investor excitement also grew as BONK approached the milestone of one million holders—a significant marker of growing community adoption.
BONK’s hourly price chart also revealed an inverse H&S pattern similar to SHIB’s, with the strongest buying between 23:00 and 01:00 UTC, where trading volumes approached 3 trillion tokens.
BONK Technical Highlights:
- Daily increase: +17%, moving from $0.0000142 to $0.0000167.
- Price swings: Saw a 24% trading range, with resistance forming near $0.0000174.
- Heavy selling: A significant sell-off at 10:42 UTC led to a 7.6% drop on nearly 96 billion in trading volume.
- Volatility: Between 10:34–11:33 UTC on July 3, BONK dropped 1.35%, shifting from $0.00001689 to $0.00001667.
With both SHIB and BONK showcasing bullish chart patterns and strong trading activity, traders are watching for potential further gains—assuming broader crypto market sentiment remains supportive.
