Shiba Inu (SHIB) has now garnered a huge audience that cannot be ignored and hence the meme coin is taking initiatives to rapidly develop its ecosystem to justify its presence and investments. Various analysts are sharing their expectations as SHIB investors wonder about the cryptocurrency’s next move. Here are the comments of analyst Akash Girimath…
Analyst: SHIB can see these levels
Shiba Inu price shows potential for a bullish reversal as it forms a certain bullish pattern on the daily time frame. This formation could trigger a move for SHIB to retest an important level after a good uptrend. SHIB price produced an even lower low around $0.0000203, making it a temporary support level for the time being. This improvement comes after SHIB slumped 10 percent on April 30 as it broke the $0.0000218 to $0.0000246 demand zone.
This drop turned the said demand zone into a breaker to prevent further upsurge. Therefore, any increase in buying pressure must overcome the selling pressure from trapped investors to see a higher move. The RSI is producing a higher high, which indicates that the momentum is building and Shiba Inu price is producing equal lows around $0.000203. This technical formation is known as the exaggerated bullish divergence setup.
Shiba Inu may collapse to $0.0000094
A daily candlestick above the upper limit of this pattern’s break at $0.0000246 will indicate buyers resurgence. In such a case, SHIB would trigger a run towards $0.000321 and create a 50% rise from the current position at $0.000213.
Regardless of the pattern’s rise, Shiba Inu price needs to remain neutral, which will happen if it does not produce a lower bottom. However, a daily candlestick near $0.0000170 will create a lower low and invalidate the bullish thesis for Shiba Inu price. In such a case, the SHIB could trigger a rapid collapse of $0.0000094 due to the fair value gap stretching from $0.0000170 to $0.000071.
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