Shiba Inu price enters bullish journey to $0.0000283
|- Shiba Inu price starts its 20% upswing after setting up a triple bottom setup at $0.0000227.
- A continuation of this bullishness will see SHIB retest the $0.0000283 resistance barrier.
- A six-hour candlestick close below $0.0000227 will invalidate the bullish thesis.
Shiba Inu price set up three swing lows around a vital support level, giving rise to a triple bottom setup. This pattern forecasts a trend reversal and indicates that SHIB is due for a bullish outlook.
Shiba Inu price to enjoy gains
Shiba Inu price found support around $0.0000227 as it rallied 75% between February 3 and 7. Since then, the Dogecoin-killer has retested this level twice, giving rise to a triple bottom. This technical formation is a reversal pattern and forecasts a trend shift favoring the bulls.
The resulting upside has rallied roughly 10%, with14% more to go to retest the immediate resistance barrier at $0.0000283. Investors can expect Shiba Inu price to form a local top around here and collect the liquidity resting above it.
In some cases, a lack of profit-taking combined with a resurgence of buying pressure could propel SHIB to extend its run-up and visit $0.0000326, bringing the total gain to 46%.
Either way, Shiba Inu price seems to be primed for a move higher, especially considering the accidentally uploaded crypto statements of US secretary treasury Janet Yellen. Interested investors can open long positions from the current position - $0.0000243 and book profits at $0.0000283 or $0.0000326.
SHIB/USDT 4-hour chart
Since this upside is interesting, market participants can place a tight stop-loss below $0.0000207.
A six-hour candlestick close below $0.0000227, however, will invalidate the bullish thesis for Shiba Inu price and open the path for further downside. The $0.0000202 support level is the next barrier where the meme coin can find support.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.