A double bottom pattern breakout from the neckline of $0.000013 signals the Shiba Inu buyer’s attempts for price recovery. Following the recent correction, this pattern completion will indicate the traders are buying dips. However, is the $0.000013 breakout enough to continue a bullish recovery?
Key points from Shiba Inu analysis:
- The SHIB market value has soared 12.3% in the last three days
- The ADX slope bearish fall indicates the bullish momentum took a significant hint in the recent correction
- The intraday trading volume of the Shiba Inu coin is $787.5 Million, indicating a 120% gain.
August’s second-half correction in the crypto market plummeted the Shiba Inu price to $0.0000118. however, Over the past two weeks, altcoin tested this level twice, validating it as legitimate support.
Furthermore, these two reversal from $0.0000118 support revealed a double bottom pattern in the daily time frame chart. The bullish reversal pattern bolsters buyers to resume the prior recovery.
Thus, with a 6.88% jump today, the Shiba Inu price provides a massive breakout from $0.000013 necklace resistance. The significant pump in volume activity reflects the traders’ favor for this breakout.
However, a long-wick rejection is attached to the daily candle due to profit booking from short-term traders. Thus, the traders must wait for the candle to close above the $0.000013 neckline to confirm the breakout.
A successful breakout will lead the Shiba Inu prices 15% higher to hit the $0.0000148 mark.
On a contrary note, the recent correction breached a rising support trendline, which flips into a viable resistance and may stall the potential bull run.
Thus, a bullish breakout from the combined resistance of $0.0000148, overhead trendline, and 200-day EMA will give a better confirmation for continued bullish recovery.
MACD indicator: the MACD and signal lines are wobbling around the neckline, signals uncertainty or neutral bias among the market participants.
EMA- The 100-day EMA aligned with the $0.000013 resistance puts an additional barrier against the buyers and accentuates an overall downtrend.
- Resistance levels- $0.000013 and $0.000017
- Support levels: $0.00000121 and $0.0000099
