Key Points:
– Shiba Inu (SHIB) price has dropped 91% from its ATH, but there is hope with the relaunch of Shibarium.
– The formation of a triple bottom pattern on the chart could signal the end of SHIB’s downtrend.
– Triple bottoms indicate a shift in power from sellers to buyers and can be an opportunity for traders.
– SHIB’s first bottom was recorded in June 2022, followed by a second bottom in December 2021, and a third bottom in June 2023.
– However, there is a danger of the pattern morphing into a descending triangle if the support at $0.00000715 breaks.
Hot Take:
While Shiba Inu (SHIB) has experienced a significant drop in price, the recent relaunch of Shibarium and the formation of a triple bottom pattern on the chart provide hope for investors. The triple bottom pattern indicates a potential shift in power from sellers to buyers and can be an opportunity for traders. However, there is a risk of the pattern turning into a descending triangle if the support at $0.00000715 breaks. Confirmation from other technical indicators, such as an oversold RSI, is also needed. If the triple bottom plays out, SHIB could potentially see a gain of approximately 200% from its current price.
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