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The Shiba Inu price is showing an interesting bottom reversal setup that suggests a significant upside. Although the pattern is far from complete, aggressive investors may get a chance to maximize profits on a breakout.
The Shiba Inu price action from January 5 to February 8 formed a V-shaped valley known as “Adam” and a round bottom formation known as “Eve”. The second half of the model, also known as Eve, is far from complete, allowing early investors to reap more benefits.
This technical formation is a lower reversal pattern that promises a 38% uptrend. The target is calculated by measuring the depth of the valley and adding it to the breakout point at $0.0000329, which gives the target at $0.00000454.
Impatient investors can start betting on this rally from their current position of $0.0000267, which means a 70% gain. The presence of a daily demand zone extending from $0.0000235 to $0.0000257 makes an upside an attractive bet for early market participants.
Even though Shiba Inu prices look unpromising, investors should be cautious in anticipation of a breakdown of the $0.0000329 level. Failure to do so may result in a downgrade risk.
If buyers fail to keep SHIB above $0.0000235, this will create a lower low and invalidate the bullish thesis. In such a scenario, the Shiba Inu price could drop 10% to retest the March 13 low at $0.0000211.
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