Can Shiba Inu price rally by 100% now that Bitcoin has given a green signal
|- Shiba Inu price coils up inside a bottom reversal pattern, hinting at a 38% upswing.
- A flip of the $0.0000329 hurdle will trigger this run-up to $0.0000454.
- A daily candlestick close below the $0.0000211 support level will invalidate the bullish thesis for SHIB.
Shiba Inu price has been coiling up inside a bottom reversal pattern for nearly three months, hinting at an explosive breakout. This consolidation is likely to result in an exponential run-up that more than doubles the market value of SHIB.
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Shiba Inu price counts down before skyrocketing
Shiba Inu has set up an Adam and Eve pattern due to its price action from January 5 to February 8. The pattern contains two distinctive swing lows, one of which is a V-shaped valley known as “Adam” and the other one is a rounded bottom formation referred to as “Eve”.
As mentioned in a previous article, the second half of the pattern is incomplete and is hovering above the $0.0000235 to $0.0000255 demand zone. Therefore, interested investors can have a headstart and accumulate prior to its explosive move.
This technical formation forecasts a 38% upswing, determined by measuring the depth of the valley and adding it to the breakout point at $0.0000329. This gives a price objective of $0.0000454.
From the current position at $0.0000248, this run-up would amount to an 83% gain. However, for this potential upswing to occur, SHIB needs to overcome the immediate hurdle at $0.0000271 and flip the neckline at $0.0000329.
A daily candlestick close above this level will trigger the rest of the run-up to $0.0000454. While this move is apparent, a highly bullish outlook could see SHIB extend the bull rally to tag a round level at $0.0000500. From today’s lowest point at $0.0000251, this run-up would constitute a 102% gain for Shiba Inu price and its holders.
SHIB/USDT 1-day chart
Regardless of the bullish outlook from a technical perspective, a daily candlestick close below the $0.0000211 support level would create a lower low and invalidate the bullish thesis for Shiba Inu price. This development will skew the odds in the bears’ favor and could potentially trigger a crash to $0.0000094.
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