Among the best artists of the last cycle, Shiba Inu has fought to defend himself, since his price has fallen into more than 85%. As a result, the meme currency has been expelled from the 20 main cryptocurrencies for market capitalization as the price continues to fight. However, there could be a tidal turn for the price of Shiba Inu after a large price formation at a demand level. This historically bullish movement could mean the beginning of another important rally for memes currency.
Siba Inu’s price shows the lower signal
After falling below $ 0.000013, the price of Shiba Inu has now reached a critical level that suggests that a great movement is on the horizon. This was highlighted by the cryptoparadise analyst Mycryptoparadise, who identified the formation of a classic double background pattern. While double funds are not exactly rare, which makes it so important is the level at which it was formed.
As the encryption analyst points out, this classic double bottom formation has taken place around the level of $ 0.000012. This is a historical demand zone for the price of Shiba Inu, which refers to a point where there is generally a lot of purchase pressure for a digital asset.
The training in the support zone leads to a bullish structure that has most of the time has led to a large price rally for a cryptocurrency. This means that this could be the beginning of a bull reversal, and all that should happen is that the bulls maintain their impulse at this point.
Once the price is broken through the resistance to $ 0.000013, it only needs to exceed the weak resistance that has accumulated at $ 0.00001345. This will actually lead to the level of importance, which is between $ 0.00001428 and $ 0.00001445. These levels are important due to the high liquidity, and the analyst explains that “if it is taken hard, Shib could trigger an acute rally that leaves newcomers to persecute.”
Bears still have a chance
The formation of the classic double bottom pattern in the demand zone is inherently optimistic, but does not completely eliminate the possibility that bears can still recover control. A bearish scenario could be achieved if the meme currency completes a daily closure below the demand zone to $ 0.000012.
Such movement would invalidate the bullish impulse for the price of Shiba Inu, indicating problems for the currency of the meme. More decreases within the current descending channel would put the price of Shiba Inu on a road to $ 0.000011 again.
