Is Shiba Inu Ready to Approach $0.00002 Again?
The price of Shiba Inu (SHIB) seems on track to revisit the level of $0.00002 in the coming days. The formation of a very bullish chart pattern, the “Rising Three Methods,” indeed suggests a continuation of the bullish trend that started last May. Will this development delight the most optimistic investors in the memecoin world?
On its weekly chart, Shiba Inu has formed a highly sought-after technical pattern during uptrends. This pattern is characterized by a large green candle followed by three small red candles, with increasing lows. All that remains is a fourth green candle to fully validate this pattern.
Once this pattern is completed, the price of SHIB should be able to reach the level of $0.0000218. This represents a potential increase of nearly 48% from current levels. If the bullish momentum continues, a further uptrend could push Shiba Inu up to $0.000033. This would mark an unprecedented yearly high.
Massive Long Position Liquidations
Despite this very positive technical outlook, the price of Shiba Inu has recently experienced a significant drop due to the liquidation of over $1 million in long positions. This “market cleansing,” however, paves the way for a rebound towards $0.000022 in the coming days.
In conclusion, even though Shiba Inu is currently going through a consolidation phase, the technical signals remain undeniably bullish. This hints at a new rally in the weeks ahead, with an initial target price of $0.00002. Therefore, the most optimistic investors can look forward to the days ahead!
