The Shiba Inu (SHIB) price currently treads on crucial technical terrains. As highlighted in previous comprehensive analysis, the potential impacts of two distinct chart patterns were observed on the 1-week timeframe for SHIB, both leading to vastly different price trajectories.
The 1-week chart reveals a compelling quadruple bottom formation for SHIB. If this pattern materializes, it could suggest a bullish surge of up to 250% from its breakout point, as delineated in prior assessments. Conversely, a starkly contrasting pattern emerges in the form of a descending triangle, which has taken shape over a span of 60 weeks. A conclusive break below its defining neckline could induce substantial declines in SHIB’s valuation.
Shiba Inu Price:
Currently, the bearish sentiment around Shiba Inu seems to be intensifying in the wake of the crypto market downturn. With SHIB recording a price of $0.00000695 at the press time and briefly touching a low of $0.00000674 yesterday, it has breached the descending triangle’s neckline pegged at $0.00000715.
Should SHIB close this week below this key support level, it might portend strong bearish implications, possibly steering the price toward its annual low of $0.000006. Yet, a closure below $0.00000715, while foreboding, is not conclusively bearish.
An analogous dip occurred in June, which was swiftly followed by a robust rally. Over an 8-week period, SHIB ascended by 59%, only to face resistance at the 50-day EMA of $0.00001140, leading to a renewed breach under the descending triangle’s trend line on the weekly chart.
At this juncture, if SHIB can secure a weekly close above the $0.00000715 mark either this week or the next, it might bolster the case for the bullish quadruple bottom setup. So SHIB could see a similar rally to June this year.
From a technical viewpoint, the cryptocurrency will then confront key resistance barriers: the 20-day EMA at $0.00000806, the descending triangle’s trendline approximately at $0.000009, and the 50-day EMA at $0.00001019. Subsequently, a monumental target, pinpointed at the 23.6% Fibonacci retracement level of $0.00002545, representing a rally in excess of 250%, could be attainable.
When interpreting these patterns, investors must decide whether the quadruple bottom or the descending triangle holds more weight for them, making it a buy or sell…
Click Here to Read the Full Original Article at NewsBTC…
