Shiba Inu price to provide buying opportunity before SHIB breaks out

Shiba Inu price has witnessed a tight consolidation around a vital support level for roughly a week and a half. This consolidation is in the final stages and might provide a bottom reversal pattern, triggering a small bull rally.

Shiba Inu price prepares for its launch

Shiba Inu price has been retesting the $0.0000330 support level for roughly eleven days and has recently set up a small range below it. Monday’s low at $0.0000315 could be a base for SHIB to form a potential triple bottom setup.

For now, Shiba Inu price needs another tap around Monday’s swing low to complete this technical formation. So, investors need to wait for a retest of $0.0000330 or Monday’s swing low at $0.0000315. A retest of either of these levels will allow SHIB to kick-start an ascent to $0.0000380 and the ‘buy-stop’ liquidity resting above it.

While there may be a minor retracement around this level, BTC will determine the next course of action for Shiba Inu price. If the big crypto continues to head higher, altcoins, including SHIB, will follow suit. In which case, SHIB needs to flip the $0.0000380 hurdle into a support floor. This development will allow the meme coin to extend its rally to $0.0000411 or $0.0000442. 

If SHIB sets up a swing high around $0.0000442, it will constitute a 33% gain from the $0.0000330 support floor. 

SHIB/USDT 4-hour chart

On the other hand, if Shiba Inu price fails to hold above Monday’s low at $0.0000315, it could indicate that the bears are back in control. A four-hour close below this level will invalidate the bullish thesis. In this situation, Shiba Inu price could head lower to retest the $0.0000295 support floor.