SHIB Price Prediction: Shiba Inu holds its ground amid market crash, eyes 64% rally


  • SHIB price dropped roughly 16% in Friday’s trading session due to Musk’s cryptic tweets.
  • Regardless of the minor sell-off, the Adam and Eve pattern for Shiba Inu remains safe.
  • A convincing close above $0.0000109 could trigger a 33% bull rally to $0.0000146.

SHIB price is in the process of setting up a bottom reversal pattern. Interestingly, the effects of Musk’s tweet were ephemeral, which allowed Shiba Inu and the rest of the crypto market to recover quickly.

SHIB price continues its journey

SHIB price saw an 83% sell-off from its peak at $0.0000394 to $0.00000654 in under ten days, starting from May 10. While this drawdown was brutal, to say the least, Shiba Inu has plans of making a comeback.

After this massive drop, SHIB price slipped into consolidation and has been doing it for more than two weeks. This range-bound movement has evolved into a bottom reversal pattern known as Adam and Eve.

This technical formation consists of two valleys, one with a V-shaped bottom and the other has a rounded base. The first swing low is referred to as Adam, while the second, Eve. A horizontal resistance level is formed when the peaks of the two swing lows are connected using trend lines.

The target for this technical formation is determined by adding the distance between the peak and the valley to the breakout point. Therefore, a decisive close above $0.0000109 will confirm a breakout from the reversal pattern and project a 30% upswing to $0.0000146.

SHIB/USDT 4-hour chart

SHIB/USDT 4-hour chart

However, if SHIB price fails to break through the resistance level at $0.0000109, it will signal weak buyers. If the resulting downswing produces a convincing close below the May 31 swing low at $0.00000784, it will invalidate the bullish thesis.

In that case, Shiba Inu might continue its downtrend to the second valley’s lowest point at $0.00000731.

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Decentraland price under pressure by market turmoil, MANA points to steep correction

Decentraland (MANA) has not been able to sit back and enjoy its all-time highs printed on Thursday, above $6.0. MANA price reversed to the downside as a wave of negative news surrounding a new Covid variant hit news wires during the Asian session.

More Cryptocurrencies News

Bitcoin, Ethereum, XRP at discount ahead of Black Friday while investors fear new COVID strain

Over $265 billion wiped off the overall crypto market capitalization in a bloodbath as news of the new Covid strain breaks out. Bitcoin, Ethereum and Ripple prices have tumbled over 6%, and the top 10 cryptocurrencies are trading at a steep discount.

More Bitcoin News

XRP holds key support while indicators point to short-term recovery

Ripple started a recovery wave above a key support level of $1.024. XRP price started an upside correction as indicators suggest a short-term recovery. The coin may initiate a fresh downtrend upon a breakout of the $1.024 support level.

More Ripple News

Dogecoin-killer Shiba Inu hits 1 million holders, gets listed on South Korean exchange

Shiba Inu hit an important milestone of 1 million holders with a rise in the number of investors. The memecoin listed on a South Korean crypto exchange successfully despite strict regulatory requirements. 

More Shiba Inu News

Black Friday 2021 Discounts!

Do you want to take your trading skills to the next level? Now you have a chance of leaping forward at attractive introductory rates. For Black Friday, FXStreet is offering discounts of up to 50% on its upgraded Premium plans. 

Subscribe now!

BTC

ETH

XRP