Shiba Inu (SHIB) Poised for Potential 110% Upside After Breakout

Over the past 24 hours, Shiba Inu (SHIB) has surged over 5%, reaching a price of $0.0000137. This rally coincides with a significant increase in social media activity and interest from retail investors, indicating a renewed wave of enthusiasm around this meme coin. Meanwhile, analysts point out the formation of a double bottom pattern on the daily chart of SHIB, which typically signals the start of an upward trend. Based on this pattern, if buying pressure continues, SHIB's price could increase by up to 110%, reclaiming levels not seen since January. However, this scenario hinges on the price breaking through the critical 200-day simple moving average resistance around $0.0000147. If successful, the price may reach $0.000017, paving the way toward the ultimate target of $0.000029.