- Shiba Inu price is winding inside a bottom reversal pattern, hinting at a 38% upside.
- A reversal of the $0.0000329 hurdle will trigger this rise to $0.0000454.
- A daily candlestick close below the $0.0000211 support level will invalidate SHIB’s bullish thesis.
Shiba Inu price has been wrapping inside a bottom reversal pattern for nearly three months, hinting at an explosive breakout. This consolidation is likely to lead to an exponential rise that will more than double the market value of SHIB.
Shiba Inu Price Countdown to Skyrocket
Shiba Inu set up an Adam and Eve pattern due to its price action from January 5th to February 8th. The pattern contains two distinctive troughs, one of which is a V-shaped valley known as “Adam” and the other is a rounded-bottomed formation known as “Eve”.
As mentioned in a previous article, the second half of the pattern is incomplete and sits above the $0.0000235 to $0.0000255 demand zone. Therefore, interested investors can get a head start and accumulate before its explosive move.
This technical formation calls for a 38% rally, determined by measuring the depth of the valley and adding it to the breakout point at $0.0000329. This gives a price target of $0.0000454.
From the current position at $0.0000248, this surge would represent an 83% gain. However, for this potential rally to occur, SHIB must overcome the immediate hurdle at $0.0000271 and reverse the neckline at $0.0000329.
A daily candlestick close above this level will trigger the rest of the move up to $0.0000454. While this move is apparent, a very bullish outlook could see SHIB extend the bullish rally to mark a round level at $0.0000500. From today’s low of $0.0000251, this surge would constitute a 102% gain for the Shiba Inu price and its holders.
SHIB/USDT 1-day chart
Regardless of the bullish outlook from a technical perspective, a daily candlestick near the $0.0000211 support level would create a lower low and invalidate the bullish thesis for Shiba Inu price. This move will skew the odds in favor of the bears and could potentially trigger a crash to $0.0000094.