As a seasoned crypto investor with a knack for spotting trends and patterns, I can’t help but feel a glimmer of hope when I see the developing double-bottom formation on Shiba Inu’s chart. It’s like finding a hidden treasure map after years of navigating through crypto wilderness!
On the daily chart, a growing double-bottom structure appears, hinting at a potential turnaround for Shiba Inu. This well-known bullish pattern, often associated with market changes, could serve as the long-anticipated trigger for SHIB investors, potentially indicating a shift in its direction.
Following a sustained drop, SHIB is currently trading at approximately 0.00002177 USD, suggesting it’s finding stability. The asset has been testing a crucial support level of around 0.00002105 USD in recent sessions, which coincides with the 100 Exponential Moving Average (EMA). While SHIB appears to be maintaining its position for now, there’s a possibility it could retest the 200 EMA near 0.00002054 USD if the current level isn’t upheld.
If Shiba Inu (SHIB) surpasses crucial resistance points, it might signal a reversal of its downward trend due to the double-bottom pattern. The initial challenge will be at around $0.00002350 (the 50 EMA), and a more significant resistance zone is found at $0.00002585. A potential 50% price increase might occur if these hurdles are overcome, potentially bringing SHIB back to its recent peaks of approximately $0.00003500. However, volume remains a concern.
At present, there’s not much demand for buying, leading one to wonder if the bulls have enough power to surmount resistance points. For the double-bottom pattern to be confirmed and for a long-term revival to begin, there needs to be a substantial rise in trading activity. As an early sign of a turnaround, Shiba Inu (SHIB) investors should look out for a clear break above $0.00002350.
A drop below $0.00002105 might wrongly suggest a bearish scenario and hint at further weakness. Furthermore, the double-bottom structure of Shiba Inu may indicate a potential shift in trend direction. Although there’s potential for a 50% price surge, traders should remain vigilant, monitoring volume fluctuations and crucial price zones to reinforce the bullish perspective.
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2024-12-27 11:44