Now that Bitcoin has given the green light, may Shiba Inu prices rise by 100%?

The price of Shiba Inu has been forming a bottom reversal pattern for almost three months, which suggests that it will break out with a lot of force. There is a good chance that this consolidation will lead to a huge surge in the value of SHIB.

Conclusion

  • The price of Shiba Inu coils up inside a bottom reversal pattern, which suggests a 38% rise.
  • It will start when the $0.0000329 barrier is flipped. This run-up will go up to $0.0000454 after that.
  • No one is going to be able to say that SHIB is going to go up if the daily candlestick closes below the $0.0000211 level.

Count down to when the price of Shiba Inu goes down before you buy it

Since Shiba Inu's price changed so much from January 5 to February 8, it has formed an Adam and Eve shape. The pattern has two unique swing lows, one of which is a V-shaped valley called "Adam" and the other is a round bottom formation called "Eve."

The second half of the pattern isn't done yet, but it's still above the $0.0000235 to $0.0000255 demand zone. So, people who want to get in on the action can get a head start and stock up before it goes into overdrive.

This is a technical formation, and it predicts a 38% rise. To figure this out, measure the depth of the valley and add it to the breakout point at $0.0000329. This gives a price goal of $0.0000454.

As of right now, this run-up would be worth an 83 percent gain. However, in order for this possible upswing to happen, SHIB needs to pass the first hurdle at $0.0000271 and flip the neckline at $0.0000329.

A daily close above this level will start the rest of the rise to $0.0000454. This move is clear, but if you have a very positive outlook, SHIB could keep going up and reach a round level at $0.0000500. From today's low point of $0.0000251, the Shiba Inu price and those who own it would see a 102 percent rise.

SHIB/USDT 1-day chart
SHIB/USDT 1-day chart

Even if Shiba Inu price looks good from a technical point of view, a daily candlestick close below the $0.0000211 support level would make a lower low and invalidate the bullish case. As a result, the odds will go in favor of the bears. This could cause a crash that could send the price down to $0.0000094.

** Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of USA GAG nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

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