- Shiba Inu price sits on the floor of a massive run-up that could yield nearly 100% returns.
- Investors can get a jumpstart by accumulating around the $0.0000235 to $0.0000263 demand zone.
- A daily candlestick close below the $0.0000211 support level will invalidate the bullish thesis for SHIB.
Shiba Inu price has been consolidating above a stable support level for nearly a week with no signs of moving higher. This sideways movement, however, also hints that an explosive move is on the cards once the volume spikes.
Shiba Inu price and final call before explosive launch
Shiba Inu price action between January 5 to February 8 created two distinctive swing lows – a V-shaped valley known as “Adam” and a rounded bottom formation referred to as “Eve”. Although the second half of the pattern aka Eve is yet to complete, interested investors can start accumulating prior to its completion.
This technical formation forecasts a 38% upswing, obtained by measuring the depth of the valley and adding it to the breakout point at $0.0000329. This gives a price objective at $0.0000454.
The $0.0000235 to $0.0000263 demand zone is a major support level that has prevented steep corrections for SHIB for the last week, and there may be one last quick downswing before a new uptrend kick starts.
In a highly bullish case, SHIB could extend beyond the theoretical target at $0.0000454 and hit a whole number at $0.0000500. From today’s lowest point at $0.0000251, this run-up would constitute a 100% gain for Shiba Inu price and its holders.
SHIB/USDT 1-day chart
While things are looking extremely bullish for Shiba Inu price due to the consolidation, a sudden downturn in Bitcoin price, which sets the current for all cryptos, could put this scenario to waste.
A daily candlestick close below the $0.0000211 support level will invalidate the bullish thesis for Shiba Inu price. Such a move will give bears full control and trigger a crash to $0.0000094, where sideline SHIB holders could accumulate the token at a discounted price.
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