{"id":550919,"date":"2023-09-12T10:15:00","date_gmt":"2023-09-12T10:15:00","guid":{"rendered":"https:\/\/uniquehot.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:\/\/uniquehot.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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Through his extensive work with uniquehot.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. 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