Shiba Inu’s bullish momentum has waned, with the token now trading at $0.000015, a decline from its recent high of $0.00001750. The 24-hour trading volume has slumped to $173 million, lagging behind major meme coins like Dogecoin ($1.416 billion) and Pepe ($933 million), per CoinGecko data.

In the futures market, open interest has also declined, dropping from $272 million on May 11 to $216 million. This downward trend suggests a cooling interest in Shiba Inu derivatives, with traders pulling back after recent volatility.

Shiba Inu’s daily burn rate has also decreased, with only 3.3 million SHIB tokens burned on Sunday—a 78% drop. Over the past week, fewer than 70 million tokens have been removed from circulation, dampening the positive impact of burn mechanisms on market sentiment.

Additionally, the Shibarium network’s TVL has contracted from $3.98 million to $3.41 million, with key platforms like ShibaSwap and K9 Finance experiencing asset outflows.

Technical Analysis: Double-Bottom and Harmonic Setup Could Signal Reversal

Despite the bearish signals, the weekly chart shows a double-bottom pattern at $0.00001076, typically seen as a bullish reversal indicator. If confirmed, a breakout could push SHIB toward the $0.00003390 resistance, a 133% increase from current prices.

Furthermore, Shiba Inu is forming a harmonic XABCD pattern, currently in the CD phase. A successful completion of this pattern could see the token rising to its 2024 peak of $0.00004618, implying a potential 227% gain.

For now, the key levels to monitor are $0.00001076 for support and $0.00003390 for resistance. Breaking above these thresholds could set the stage for a significant rally.