Shiba Inu Chalks Out Bullish Inverse H&S as BONK Cheers ETF Speculation, 1M Holder Milestone
Shiba Inu (SHIB) and BONK experienced significant price increases, driven by bullish reversal patterns and ETF speculation. SHIB’s 5.2% surge in 24 hours, reaching $0.00001195, completed an inverse head-and-shoulders pattern on the hourly chart, confirming a bullish momentum shift. This pattern, characterized by three troughs with the middle one being the lowest, typically follows a sell-off, indicating a potential price reversal. A high-volume support level established at $0.00001162 further solidifies this bullish trend. CoinDesk’s AI analysis highlights sustained buying interest, particularly during European trading hours, with significant volume spikes supporting the price increase. Specific periods of notable volatility were observed, but overall, the technical indicators suggest continued bullish momentum as SHIB maintains prices above the established support level.
BONK, a Solana-based memecoin, showcased even more impressive gains, surging 23% to $0.00001665 in 24 hours, becoming the top-performing cryptocurrency in the top 100 by market capitalization. This rally featured three distinct waves, with the most aggressive buying occurring between 23:00 and 01:00, peaking at nearly 3 trillion units. A high-volume support zone formed around $0.0000161, further indicating strong buyer interest. The coin also neared a one-million holder milestone. This bullish activity follows progress on Tuttle Capital’s proposed 2x Long BONK ETF. Similar to SHIB, BONK’s hourly chart also displays an inverse head-and-shoulders pattern, reinforcing the bullish reversal. While periods of volatility, including a 7.6% drop, were observed, the overall trend remains strongly positive. The significant volume and price increases for both SHIB and BONK suggest a positive market sentiment, potentially fueled by ETF speculation and the completion of bullish reversal patterns.
