Shiba Inu Coin (SHIB) price reversal imminent: signal of 50% increase?
Shiba Inu has a double bottom pattern on the daily chart, which may be a sign of a market reversal. For SHIB investors, this bullish pattern has been long awaited and has a lot to do with the market turn. SHIB has been falling for a while, and now the price is about $0.00002177, and the trend is more stable.
It has been hovering around $0.00002105 for the past few days, and is testing the support level near the 100 EMA. It looks okay at the moment, but if it fails to hold, it may have to test the price of $0.00002054 on the 200 EMA.
If SHIB can break through the key resistance level, according to the double bottom pattern, the downward trend may turn for the better. First, it has to break through the 50 EMA, which is $0.00002350. The more difficult one is $0.00002585.
If it really breaks through, the price may rise by half and return to around $0.00003500. But volume is critical, and it is useless without volume. Now the buying power of SHIB is weak, which makes people worry whether the bulls can break through the resistance. To prove the double bottom pattern and start the rise, the trading volume must increase significantly.
Investors have to wait for it to break through $0.00002350, which is the initial signal of reversal. If it falls below $0.00002105, the bullish view may be ruined and the market will have to fall. Although the double bottom has a 50% upside potential, it is necessary to be careful in trading and keep a close eye on the volume and key price areas, so that the bullish view is reliable.
