{"id":550919,"date":"2023-09-12T10:15:00","date_gmt":"2023-09-12T10:15:00","guid":{"rendered":"https:\/\/ktsl888.com\/?p=550919"},"modified":"2024-06-11T07:49:17","modified_gmt":"2024-06-11T07:49:17","slug":"shiba-inu-make-or-break-price-250-rally-all-time-low","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/shiba-inu-coin\/shiba-inu-make-or-break-price-250-rally-all-time-low\/","title":{"rendered":"Shiba Inu Hits Make-Or-Break Price: 250% Rally Or New All-Time Low?"},"content":{"rendered":"

Shiba Inu (SHIB) is in a crucial make-or-break moment. Following a market-wide altcoin slump, SHIB’s price action is being shaped by two opposing chart patterns, both of which could have significant implications for the price’s future.<\/p>\n

A Tale Of Two Patterns For Shiba Inu<\/h2>\n

The 1-week chart for SHIB reveals a tale of two patterns. On one hand, there’s the bullish triple bottom, suggesting a potential end to SHIB’s two-year downtrend. On the other, a descending triangle, which has been in the making for over 13 months, hints at a bearish outcome. In an analysis<\/a> on August 30, NewsBTC already warned of this scenario.<\/p>\n

Related Reading: Shiba Inu Community Sounds Warning Alarm As Scammers Siege Shibarium<\/a><\/div>\n

Yesterday, SHIB’s price dipped to a low of $0.00000697 before rebounding slightly to $0.00000722. This places it precariously above the crucial support line of $0.00000715. For SHIB to steer clear of the bearish implications of the descending triangle and to validate the triple bottom, it’s imperative that it maintains a weekly close above this price.<\/p>\n

\"Shiba
SHIB trades a make-or-break price, 1-week chart | Source: SHIBUSD on TradingView.com<\/a><\/figcaption><\/figure>\n

The triple bottom, a bullish chart pattern, is characterized by three roughly equivalent lows bouncing off a support level, culminating in a breakout above resistance. This suggests a shift in momentum from sellers to buyers.\u00a0For SHIB, the criteria for a triple bottom seem to be in place: an existing downward trend precedes the pattern; the three lows are approximately equal, allowing for a horizontal trend line and a decline in volume throughout the pattern suggests weakening bearish momentum.<\/p>\n

SHIB’s journey through this pattern began in June 2022 with its first low at $0.00000715. After a brief recovery, it hit its second low in December 2021 at $0.00000781. The third and most recent low was recorded in June 2023 at $0.0000060.<\/p>\n

The Shadow Of The Descending Triangle<\/h2>\n

However, the triple bottom’s bullish narrative is challenged by the descending triangle’s bearish undertones. If SHIB’s price falls below the $0.00000715 support, it could validate the descending triangle, potentially pushing SHIB towards its year-to-date low of $0.000006. A breach of this level might plunge SHIB into uncharted waters, making a new all-time low a grim possibility.<\/p>\n

Related Reading: Shiba Inu Tallies 77% Accumulation By Major Investors \u2013 Good For SHIB Price?<\/a><\/div>\n

Traders often seek additional confirmation of patterns through other technical indicators. The Relative Strength Index (RSI) is one such tool. SHIB’s weekly RSI currently stands at a neutral 39.8 (neutral). However, a recent dip below the 30-mark (indicating oversold conditions) suggests that the recent price drop might have been the last for SHIB.<\/p>\n

Should the triple bottom be validated, SHIB could witness a significant rally. An immediate target to watch would be the 23.6% Fibonacci retracement level at $0.00002545, translating to a potential surge of approximately 250% from its current price.<\/p>\n

In conclusion, SHIB’s future hangs in the balance. The coming days and weeks will be crucial in determining whether it embarks on a bullish rally or succumbs to bearish pressures.<\/p>\n

Featured image from Trader 2.0, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Shiba Inu (SHIB) is in a crucial make-or-break moment. Following a market-wide altcoin slump, SHIB’s price action is being shaped by two opposing chart patterns, both of which could have significant implications for the price’s future. A Tale Of Two Patterns For Shiba Inu The 1-week chart for SHIB reveals a tale of two patterns. On one hand, there’s the bullish triple bottom, suggesting a potential end to SHIB’s two-year downtrend. On the other, a descending triangle, which has been in the making for over 13 months, hints at a bearish outcome. In an analysis on August 30, NewsBTC already warned of this scenario. Related Reading: Shiba Inu Community Sounds Warning Alarm As Scammers Siege Shibarium Yesterday, SHIB’s price dipped to a low of $0.00000697 before rebounding slightly to $0.00000722. This places it precariously above the crucial support line of $0.00000715. For SHIB to steer clear of the bearish implications of the descending triangle and to validate the triple bottom, it’s imperative that it maintains a weekly close above this price. The triple bottom, a bullish chart pattern, is characterized by three roughly equivalent lows bouncing off a support level, culminating in a breakout above resistance. This suggests a shift in momentum from sellers to buyers.\u00a0For SHIB, the criteria for a triple bottom seem to be in place: an existing downward trend precedes the pattern; the three lows are approximately equal, allowing for a horizontal trend line and a decline in volume throughout the pattern suggests weakening bearish momentum. SHIB’s journey through this pattern began in June 2022 with its first low at $0.00000715. After a brief recovery, it hit its second low in December 2021 at $0.00000781. The third and most recent low was recorded in June 2023 at $0.0000060. The Shadow Of The Descending Triangle However, the triple bottom’s bullish narrative is challenged by the descending triangle’s bearish undertones. If SHIB’s price falls below the $0.00000715 support, it could validate the descending triangle, potentially pushing SHIB towards its year-to-date low of $0.000006. A breach of this level might plunge SHIB into uncharted waters, making a new all-time low a grim possibility. Related Reading: Shiba Inu Tallies 77% Accumulation By Major Investors \u2013 Good For SHIB Price? Traders often seek additional confirmation of patterns through other technical indicators. The Relative Strength Index (RSI) is one such tool. SHIB’s weekly RSI currently stands at a neutral 39.8 (neutral). However, a recent dip below the 30-mark (indicating oversold conditions) suggests that the recent price drop might have been the last for SHIB. Should the triple bottom be validated, SHIB could witness a significant rally. An immediate target to watch would be the 23.6% Fibonacci retracement level at $0.00002545, translating to a potential surge of approximately 250% from its current price. In conclusion, SHIB’s future hangs in the balance. The coming days and weeks will be crucial in determining whether it embarks on a bullish rally or succumbs to bearish pressures. Featured image from Trader 2.0, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":550920,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[92559],"tags":[83668,83667,87680,83853,84562,87774],"class_list":["post-550919","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-shiba-inu-coin","tag-shib","tag-shiba-inu","tag-shibarium","tag-shibaswap","tag-shibusd","tag-shytoshi-kusama"],"acf":[],"yoast_head":"\nShiba Inu Hits Make-Or-Break Price: 250% Rally Or All-Time Low?<\/title>\n<meta name=\"description\" content=\"Following a market-wide altcoin slump, the price action of Shiba Inu (SHIB) is characterized by two strongly contrasting chart patterns.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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