Shiba Inu Rebounds Above $0.00000715 Support: What’s Next?

cryptonewsland (25)in #crypto • 2 years ago

-Shiba Inu’s price is at a crucial juncture, with the potential for either a 250% rally or a new all-time low.

-A bullish triple bottom signals potential bullish momentum, while a bearish descending triangle raises doubts about SHIB’s future.

-To confirm the bullish pattern and trigger a rally, SHIB must stay above $0.00000715.

Shiba Inu (SHIB) has surged above the $0.00000715 support, setting the stage for either a 250% rally or a new all-time low. Two chart patterns, a bullish triple bottom and a bearish descending triangle, leave SHIB’s future in the balance.

The first pattern, a bullish triple bottom, suggests the possibility of SHIB breaking free from its two-year downtrend. Three approximately equal lows characterize this pattern, each bouncing off a support level. It signals a shift from bearish to bullish momentum. SHIB’s journey through this pattern began in June 2022, with the most recent low occurring in June 2023 at $0.0000060.

In stark contrast, a bearish descending triangle looms, casting doubts over SHIB’s prospects. Should SHIB’s price dip below the crucial $0.00000715 support level, it could validate this bearish pattern and potentially send SHIB tumbling to its year-to-date low of $0.000006 or even a new all-time low.

For SHIB to prove the naysayers wrong and confirm the triple bottom, it must maintain a weekly close above the $0.00000715 support line. If the triple bottom prevails and the support holds firm, SHIB could see a remarkable 250% rally, setting its sights on the 23.6% Fibonacci retracement level at $0.00002545.

In the cryptocurrency world, where volatility is the norm, the next few weeks will determine whether SHIB emerges as a victor or succumbs to the bearish pressures, leaving its dedicated community awaiting the outcome eagerly.