#Shiba
๐๐๐๐๐ ๐๐ฃ๐ช ๐๐ง๐๐๐ ๐๐๐๐ฃ๐๐ก๐จ 70% ๐๐๐๐ค๐ช๐ฃ๐ ๐๐จ ๐๐ฅ๐๐ฃ ๐๐ฃ๐ฉ๐๐ง๐๐จ๐ฉ ๐พ๐ง๐๐จ๐๐๐จ
Shiba Inu price is slowly forming a highly bullish double bottom pattern, which could lead to more upside soon.
Shiba Inu price continues its downward trend today, June 18, as the ongoing crypto market crash accelerates. SHIB, the second-biggest meme coin, has dropped by 35% from its highest point in May. It is slowly forming a rare double-bottom pattern, signaling a potential rebound as its volume and open interest falls.
Shiba Inu price trades at $0.00001157, its lowest point since April 9. The daily timeframe shows that the coin has dropped below the 50-day and 100-day Exponential Moving Averages, a sign that bears have prevailed.
The Relative Strength Index (RSI) has continued its downtrend and is nearing the oversold level of 30. A falling RSI and a rising Average Directional Index (ADX) is a sign that Shiba Inuโs downtrend is gaining strength. Therefore, this pattern signals that the SHIB price may keep falling in the next few days.
On the positive side, there are signs that the coin is slowly forming a double-bottom pattern whose lower side is at $0.00001030. A double bottom closely resembles a W pattern and signals that an asset has tested a support twice before rising.
In addition to the two distinct bottoms, the pattern also comprises of a neckline, which in this case, is at $0.00001765. Therefore, the most likely SHIB price forecast is where it drops and retests the support at $0.00001030, and then bounces back.
If this rebound happens, the next target price to watch will be at $0.00001765, the neckline, which is about 70% above the double bottom level.
