🐶 Shiba Inu Price May Explode Higher This Week
Shiba Inu price has settled at a key support level, pointing to a strong surge in the next few weeks. The $SHIB token dropped to a low of $0.00001065 on Monday’s Black Monday in the crypto industry. This price was down by over 67% from its highest in November last year. This article explains why the Shiba Inu coin has formed bullish patterns, pointing to a strong comeback.
Shiba Inu Price #TechnicalAnalysis Hints to a Rebound
The 1D chart shows that the price of Shiba Inu is preparing a strong comeback once the ongoing fear season ends. It bottomed at $0.00001066 on the Black Monday. This was a notable level since the coin has failed to move below it three times before. It initially dropped to that price in August last year. It then failed to crash below it on March 11.
Therefore, the Shiba Inu price has formed a triple-bottom chart pattern whose neckline is at $0.00003340. A triple bottom is one of the most bullish patterns in technical analysis.
In addition to this, #SHIB price previously formed a small double-top pattern at the same point. Its neckline was at $0.00001570, its highest point on March 26.
Before that, Shiba Inu price has formed a falling wedge pattern that is shown in black above. This pattern is made up of two falling and converging trendlines, with a bullish breakout happening when the two lines near their meeting point.
Therefore, these technicals point to a strong Shiba Inu price surge in the coming days. If this happens, the initial target to watch will be the neckline at $0.00001570, up by 36% from the current level. A break above that level will point to more SHIB price gains to the 50% retracement point at $0.00002215, up by almost 100% from the current level. A drop below the support at $0.00001068 will invalidate the bullish outlook.
Buy and Trade $SHIB