A bullish pattern has been formed by the price of Shiba Inu (SHIB) inside a horizontal support zone. If true, this might trigger a significant price increase.
Since November 9, the SHIB value has been moving inside a downward wedge. On December 16 and 28, the price reversed at the wedge’s support line (the green icon), which started the current rising trend. The rally’s bullish reversal in the RSI, accompanied by the rally, added to the movement’s credibility. Additionally, the RSI has risen beyond 50 presently.
On January 10, the SHIB price broke through the wedge. The most it has cost thus far is $0.00000968.
The 0.382 Fib retracement resistance level, located at 0.00000106, would be the nearest resistance region if the upward momentum persisted.
However, a decline below the resistance line of the wedge would indicate that the breakaway was invalid and fresh lows are imminent.
Double Bottom Pattern Signals Potential Rally For Shiba Inu
The weekly time frame offers a bullish picture, much like the daily one.
There are principally two causes: First, a double bottom has been formed in the price of Shiba Inu coins, and a bullish formation (green icons). The double bottom formed inside the $0.0000083 long-term support zone, adding to its credibility.
Second, the weekly RSI showed positive divergence along with the double bottom (green line). Deviations over such extended periods are uncommon, and this might trigger a significant surge.
The key resistance area is located at an average price of $0.0000175 weekly. Compared to the current pricing, there has been an increase of 85%.
Therefore, if the price of the SHIB coin verifies its double bottom pattern, there is significant upside potential.
The weekly and daily time frames both have bullish readings, so the Shiba Inu long-term price predictions are regarded as bullish.
Shiba Inu price is likely to rally 85% in a best-case scenario, but a weekly close below $0.0000083 support would invalidate the analysis.
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The SHIB price can then decline toward the $0.0000060 nearest support level.