- Shiba Inu’s price encountered rejection at the weekly resistance zone of $0.0000283 and retraces at this publication.
- The ongoing correction will likely form a triple bottom pattern at $0.0000233, potentially triggering a 20% upswing to $0.0000283.
- A 4hr candle close beneath $0.0000233 will print a lower low, nullifying SHIB’s bullish thesis.
Shiba Inu (SHIB) struggled to keep the bullishness seen from 6 February and 8 February. However, lack of commitment had the canine crypto going astray and revisiting lower value levels. SHIB rallied conservatively despite the latest bullishness in the cryptocurrency market.
SHIB Price Shows Potential
Shiba Inu witnessed its price slightly consolidating beneath the barrier at $0.0000233 before surging 56%. The resulting downtrends saw SHIB below $0.0000233. However, the meme coin recovered within no time. After that, SHIB gained 24% and met rejection around the weekly resistance zone at $0.0000283.
The rejection at this level can erase the latest uptrends and drag Shiba Inu towards the support of $0.0000233 again. If that outlook emerges, the Dogecoin-killer will print a triple bottom pattern, forecasting trend reversals to the upside.
The mentioned technical pattern might trigger a 20% surge to $0.0000283. Massive bullishness will see SHIB climbing towards $0.0000323, translating to a 40% total gain.
While everything appears lucrative for a swift bullish trade, SHIB price should hold beyond the support floor at $0.0000233. A 4hr candle close under the stated barrier will print a lower low, canceling SHIB’s bullish thesis.
Such a development might see SHIB sliding lower to gather liquidity beneath the support level of $0.0000202. That will mean another event catalyzing a bullish picture.
For now, SHIB undergoes retracement following rejection at the weekly resistance mark at $0.0000283. The ongoing correction will likely form triple bottom around $0.0000233, possibly catalyzing a 20% surge to $0.0000283. Meanwhile, a 4hr candle close under $0.0000233 will print a lower low and cancel SHIB’s bullish thesis.
The cryptocurrency market cap reflects bullishness today as it hovers at $1.95 trillion, following a 2.54% overnight increase. Maintaining such trends will support Shiba Inu’s bullish stance.
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