$SHIB $DOGE
🚨Shiba Inu mimics Dogecoin’s double bottom recovery🚨
Shiba Inu avoids a close below the critical support level at $0.00001220, marked by June's lowest closing (June 5) so far, despite increased pressure last week. After multiple long-tailed candles, SHIB is up by over 1% at press time on Monday, hinting at a trend reversal.
Similar to DOGE, Shiba Inu teases a double bottom pattern as it bounces off the $0.00001220 support with a neckline at $0.00001337, the highest closing price last week. A clean push in closing price above the neckline will mark the pattern breakout.
The similarity with DOGE extends to the momentum indicator as a bullish RSI divergence manifests in the daily chart. The RSI indicator at 40 shows a recovery approaching the halfway line, suggesting a gradual rise in bullish momentum.
However, a closing below the $0.00001220 support floor will nullify the bullish pattern. In such a case, SHIB could extend the correction to test the $0.00001150 level last tested on April 16.
