Shiba Inu (SHIB) to Reach $0.00003 If This Pattern Plays Out

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Written By Maya Cantina

Sun, 7/04/2024 – 15:37

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The double bottom pattern, noted for its “W” shape, is often seen as a powerful sign of a potential reversal from a downtrend to an uptrend — this is exactly what Shiba Inu needs right now.

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Currently, SHIB is trading around $0.00002824, but if the double bottom pattern plays out as many hope, we could witness a climb toward the $0.00003 mark. The pattern is typically confirmed when the price rises above the resistance level that marks the top of the “W.” For SHIB, this resistance is presently seen at $0.000029, just above the recent highs.

SHIBUSDT
SHIB/USDT Chart by TradingView

A successful break above this level could indeed be the rally’s lifesaver, pulling SHIB out of its recent price dips and setting it up for a significant recovery. However, for this bullish scenario to hold true, SHIB must not only break past this resistance but also maintain the momentum to confirm the reversal is genuine.

If SHIB can sustain the price above the double bottom’s peak, the next target would be the resistance level at $0.00003. Surpassing this resistance could attract more buyers and potentially fuel a more robust rally.

On the downside, if SHIB fails to uphold the momentum and falls beneath the double bottom’s support level at $0.00001989, the likelihood of a strong reversal diminishes. Such a move could signal that the market is not ready for a rally yet, and SHIB could see further consolidation or even a dip before any potential uptrend materializes.

For now, Shiba Inu is in a consolidation state, and it is too early to tell whether or not Shiba Inu is going to have a bullish future. If we are lucky enough, the aforementioned pattern plays out and we see a reversal.

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