- Shiba Inu price action has set up an Adam and Eve pattern that forecasts a 38% upswing.
- A decisive flip of the $0.0000329 resistance barrier into a support level is the key to kick-starting this run-up to $0.0000454.
- A daily candlestick close below the $0.0000211 support level will invalidate the bullish thesis for SHIB.
Shiba Inu price sets up the launchpad
Shiba Inu price action since January 4 has created two distinctive valleys knowns as Adam and Eve. From January 4 to February 9, SHIB formed a V-shaped valley known as “Adam,” following this is a rounded bottom formation referred to as “Eve.” The Eve is yet to complete, and SHIB is hovering around a crucial support area.
If SHIB retests the $0.0000329 hurdle, the Adam and Even setup will be complete. In such a case, this formation forecasts a 38% upswing to $0.0000454, determined by measuring the valley's depth and adding it to the breakout point at $0.0000329.
As mentioned above, SHIB is hovering around $0.0000249 and is far from completing the setup. However, since Shiba Inu price is trading inside the $0.0000235 to $0.0000255 demand zone, the chances of an uptrend are high.
Therefore, accumulating now could provide investors with higher gains. If SHIB flips the $0.0000329 hurdle into a foothold, it will kick-start a 38% upswing to $0.0000454. This move would constitute an 83% gain from the current position.
SHIB/USDT 1-day chart
While things are looking up for the dog-themed cryptocurrency, a daily candlestick close below the $0.0000211 support level would invalidate the bullish thesis by creating a lower low.
This development will favor the bears and open the possibility of a crash to $0.0000094.
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.