Usman Salis
Shiba Inu (SHIB) took a 6% hit as Trump's new tariffs spooked crypto markets. Despite the selloff, traders are eyeing a bullish reversal pattern.
SHIB Price Gets Hit by Tariff Fears
SHIB crashed 6% in 24 hours from July 31 to August 1, dropping from $0.000013 to $0.000012 - the lowest since July 9. Trump's new tariffs sent Bitcoin tumbling and strengthened the dollar, dragging SHIB down from its July 21 highs near $0.00001600.
What's interesting is that exchanges saw SHIB holdings jump to 84.9 trillion tokens on July 28, suggesting whales might be preparing to sell despite $63.7 million in recent accumulation (4.66 trillion SHIB). Meanwhile, the burn rate exploded 16,700% as 602 million tokens got destroyed.
Technical Signals Show Mixed Shiba Inu (SHIB) Price Action
The charts tell an interesting story. SHIB got rejected hard at $0.000013 resistance with heavy selling volume. But buyers stepped up at $0.000012 with 1.19 trillion tokens of support, and breakout volume hit 90.51 billion when price pushed higher.
SHIB Price Could Bounce on Inverted Hammer Pattern
Here's the bullish case: July formed an "inverted hammer" pattern - a candle with a long top wick and small body. This often signals trend reversals after big downtrends like SHIB just had.
The pattern suggests bulls are getting ready to fight back. But if SHIB drops below the July low of $0.00001108, this bullish setup is dead in the water. That level is make-or-break for any recovery hopes.
Usman Salis
