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Shiba Inu Chalks Out Bullish Inverse H&S as BONK Cheers ETF Speculation, 1M Holder Milestone
Meme token Shiba inu (SHIB) has completed a major bullish reversal pattern as ETF speculation drives BONK higher.
SHIB surged 5.2% in the past 24 hours, climbing from $0.00001136 to $0.00001195 with significant volume spikes, establishing a new support level at a high-volume support level at $0.00001162.
The upswing marked the completion of the inverse head-and-shoulders (H&S) pattern on the hourly chart, confirming a bullish shift in momentum. An inverse H&S, appearing after a notable sell-off, as in SHIB's case, comprises three troughs, with the middle one being the lowest and flanked by shallow and equidistant ones on either side.
"Technical indicators suggest continued bullish momentum as SHIB maintains prices above the newly established support levels," CoinDesk's AI research said.
SHIB's hourly price chart. (TradingView/CoinDesk) ## Key AI insights
BONK surges
BONK, a memecoin built on the Solana blockchain in late 2022, has surged 23% to $0.00001665 in the past 24 hours, becoming the best-performing top 100 cryptocurrency by market value.
According to CoinDesk's AI, the rally featured three distinct waves, with the most aggressive buying occurring between 23:00 and 01:00, when volume peaked at nearly 3 trillion units, establishing a high-volume support zone around $0.0000161.
The cryptocurrency also approached a one-million holder milestone. These bullish developments follow reports that Tuttle Capital’s proposed 2x Long BONK ETF has taken a procedural step forward.
Speaking of technical analysis, BONK's hourly price chart displays a SHIB-like inverse head-and-shoulders bullish reversal pattern.
BONK's hourly price chart. (TradingView/CoinDesk) ## Key AI insights
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