Peter Smith
SHIB (Shiba Inu) just hit its tightest Bollinger bands since February 2024, and after getting crushed 13% last week, the meme coin is showing signs it might be gearing up for something big.
Despite the beating, SHIB bounced back hard and is now trading above $0.00001236. When Bollinger bands get this compressed, it usually means a massive price move is coming.
SHIB (Shiba Inu) Price Bounces Back After 13% Weekly Drop
Last week sucked for SHIB holders – the token got hammered with a 13.8% drop to $0.00001160, the worst weekly performance since early March. But instead of continuing to tank, SHIB stabilized and started climbing back up.
Between August 5-6, SHIB went through wild price swings with a 25.4% range between $0.000012217 (high) and $0.000011913 (low). After dropping from $0.000012362 to $0.000011985 early on, it found support around $0.000012000 and climbed back to $0.000012186 by session end.
Massive Volume Shows Institutional Interest in SHIB
The volume was absolutely insane – over 19 billion tokens during key breakout moments. Around 11:07 on August 6, when SHIB tested $0.000012125 support before shooting up to $0.000012198, the buying was off the charts.
This isn't just retail FOMO – this looks like serious institutional money positioning. The final hour saw SHIB gain 0.62% from $0.000012123 to $0.000012198, showing sustained buying pressure.
What's Next for SHIB (Shiba Inu) Price?
When Bollinger bands get this tight, something's gotta give. The signs look bullish – despite getting crushed last week, SHIB held key support and bounced back with serious volume.
With the resilience SHIB has shown plus all the institutional interest, this setup looks more like a breakout waiting to happen than a breakdown. If SHIB holds above $0.00001236, we might see something significant for the popular meme coin.
Peter Smith
