- SHIB price recovered past the weekly support mark of $0.0000283, suggesting a bullish reign.
- A triple bottom formation appears to play out, signaling a 35% surge.
- A 4hr candle close under $0.0000273 will cancel the bullish case.
Shiba Inu (SHIB) has seen slow downswings within the past few months. However, the narrative appears to shift as the meme coin prints a base, showing the downward trend ended.
SHIB Price to Gather Liquidity
SHIB price formed two swing lows near $0.0000287 on 4 December and 20 December 2021. Unlike the usual triple bottom formation, the alt’s third tap on the support zone could not maintain and formed a swing low around $0.0000254.
This technical setup brings a reversal pattern that signals an upside trend. For now, market participants may expect Shiba Inu to witness increased bullish strength. That way, the meme token will see a 12% upside move towards $0.0000327.
Overcoming this obstacle will clear the path for Shiba Inu to retest $0.0000392, leading to a 35% total surge. Surprisingly, this mark represents a weekly resistance zone where Shiba Inu printed equal peaks late in 2021.
Therefore, market players may push the dog coin to overcome this obstacle and gather buy-stop liquidity above the level.
On the other side, SHIB’s failure to maintain beyond the weekly support of $0.0000283 will mean weakness by bulls. Such a development might knock Shiba Inu towards the $0.0000273 value areas.
A lower low will emerge if SHIB prints a 4hr candle close under this hurdle. Such a case will show bearish preference, violating the bullish case. With that, Shiba Inu might revisit the swing low at $0.0000254 and try another comeback.
For now, SHIB seems prepared for upward movements as bulls eye a 35% increase. The narrative developed after the meme coin overpowered a substantial hurdle.
SHIB’s upward outlook emerges when the broad market sustain plunges. Most alternative assets mimicked Bitcoin as it dropped to levels of $41,000. The downward move has the global crypto market capitalization losing 2.94% towards $1.99 trillion.
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