Shiba Inu’s price action hints at an explosive rally thanks to this pattern
Shiba Inu price has been on a consolidation rally for more than three months and is sitting inside a massively bullish, bottom reversal pattern. Therefore, investors need to keep a close eye on this altcoin as SHIB could explore any time and trigger a massive rally.
Shiba Inu price coils up inside an Adam and Even pattern for the 108th day and shows no sign of a massive volatility spike. If history is any proof, the 134-day consolidation that Shiba Inu price underwent in the last quarter of 2021 resulted in a 1,185% upswing in roughly a month.
Therefore, market participants that ignore this meme coin which is consolidating inside a bottom reversal pattern will be left on the sidelines. This technical formation contains two distinctive valleys, the V-shaped one is known as “Adam” and the rounded bottom formation is referred to as “Eve.”
As shown in the chart below, the Eve is incomplete and will be upon the retest of the $0.0000327 hurdle. The theoretical measurements forecast a 37% upswing to $0.0000451, obtained by measuring the depth of Adam and adding it to the breakout point at $0.0000327.
The Robinhood-listing rally seems to be undone 70% and Shiba Inu price is currently hovering around $0.0000243. While this consolidation is likely to continue, a resurgence of buying pressure that flips the $0.0000327 hurdle will signal a breakout from the Adam and Even pattern.
In this situation, investors can expect the next stop for the bulls to be at $0.0000451, which is the predicted target. Beyond this level, there is a high chance SHIB will tag the $0.00005 psychological level. This move from the current position would constitute a 105% ascent and is likely where Shiba Inu price will form a base of sorts before reevaluating its
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