How you could double your capital with Shiba Inu price

Shiba Inu price sits on the floor of a massive run-up that could yield nearly 100% returns.
Investors can get a jumpstart by accumulating around the $0.0000235 to $0.0000263 demand zone.
A daily candlestick close below the $0.0000211 support level will invalidate the bullish thesis for SHIB.

Shiba Inu price has been consolidating above a stable support level for nearly a week with no signs of moving higher. This sideways movement, however, also hints that an explosive move is on the cards once the volume spikes.

Shiba Inu price and final call before explosive launch

Shiba Inu price action between January 5 to February 8 created two distinctive swing lows - a V-shaped valley known as “Adam” and a rounded bottom formation referred to as “Eve”. Although the second half of the pattern aka Eve is yet to complete, interested investors can start accumulating prior to its completion.

This technical formation forecasts a 38% upswing, obtained by measuring the depth of the valley and adding it to the breakout point at $0.0000329. This gives a price objective at $0.0000454.

The $0.0000235 to $0.0000263 demand zone is a major support level that has prevented steep corrections for SHIB for the last week, and there may be one last quick downswing before a new uptrend kick starts.

In a highly bullish case, SHIB could extend beyond the theoretical target at $0.0000454 and hit a whole number at $0.0000500. From today’s lowest point at $0.0000251, this run-up would constitute a 100% gain for Shiba Inu price and its holders.

SHIB/USDT 1-day chart

While things are looking extremely bullish for Shiba Inu price due to the consolidation, a sudden downturn in Bitcoin price, which sets the current for all cryptos, could put this scenario to waste.

A daily candlestick close below the $0.0000211 support level will invalidate the bullish thesis for Shiba Inu price. Such a move will give bears full control and trigger a crash to $0.0000094, where sideline SHIB holders could accumulate the token at a discounted price.

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.