Shiba Inu's price shows a formation of a bottom reversal technical pattern level that projects a huge potential bullish breakout. However, Shiba Inu's price needs to produce a decisive close above a critical resistance support level to kick-start this upswing.
Shiba's price action since May 20 has formed two distinct valleys known as Adam and Eve. The first price swing low is narrow and v-shaped, known as Adam, while the one that follows has a rounded bottom and is referred to as Eve.
This technical formation is a bottom reversal pattern level that projects a 30% upswing to $0.0000146. The price target is determined by measuring the distance between the valley’s swing low to the peak and adding it to the horizontal resistance connecting the swing highs.
Investors need to note that this is a potential pattern level, and confirmation of the breakout will arrive when Shiba Inu's price produces a decisive 4-hour candlestick pattern close above $0.0000109.
If the bullish momentum persists after hitting the intended target, SHIB could rise another 9% to tag the immediate resistance support level at $0.0000159.
On the flip side, if Shiba Inu's price continues to bleed, the bullish outlook will be in jeopardy. If the sellers manage to produce a convincing close below the price of $0.00000784, it will invalidate the bullish outlook.
Confirmation of a downtrend will arrive after the SHIB price closes below the swing low at a price of $0.00000731, formed on May 29.
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