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Shiba Inu price enters bullish journey to $0.0000283

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  • Shiba Inu price starts its 20% upswing after setting up a triple bottom setup at $0.0000227.
  • A continuation of this bullishness will see SHIB retest the $0.0000283 resistance barrier.
  • A six-hour candlestick close below $0.0000227 will invalidate the bullish thesis.

Shiba Inu price set up three swing lows around a vital support level, giving rise to a triple bottom setup. This pattern forecasts a trend reversal and indicates that SHIB is due for a bullish outlook.

Shiba Inu price to enjoy gains

Shiba Inu price found support around $0.0000227 as it rallied 75% between February 3 and 7. Since then, the Dogecoin-killer has retested this level twice, giving rise to a triple bottom. This technical formation is a reversal pattern and forecasts a trend shift favoring the bulls.

The resulting upside has rallied roughly 10%, with14% more to go to retest the immediate resistance barrier at $0.0000283. Investors can expect Shiba Inu price to form a local top around here and collect the liquidity resting above it.

In some cases, a lack of profit-taking combined with a resurgence of buying pressure could propel SHIB to extend its run-up and visit $0.0000326, bringing the total gain to 46%.

Either way, Shiba Inu price seems to be primed for a move higher, especially considering the accidentally uploaded crypto statements of US secretary treasury Janet Yellen. Interested investors can open long positions from the current position – $0.0000243 and book profits at $0.0000283 or $0.0000326.

SHIB/USDT 4-hour chart

SHIB/USDT 4-hour chart

Since this upside is interesting, market participants can place a tight stop-loss below $0.0000207. 

A six-hour candlestick close below $0.0000227, however, will invalidate the bullish thesis for Shiba Inu price and open the path for further downside. The $0.0000202 support level is the next barrier where the meme coin can find support.

 

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