- Shiba Inu’s price maintains a continuous downtrend without a visible near-term bottom.
- A bottom near $0.0000295 or $0.0000270 might see the meme coin surging 25% towards $0.0000380.
- A swing low under $0.0000270 will nullify Shiba Inu’s bullish forecast.
Shiba Inu (SHIB) has maintained a steady downward trend for about two months and displays no signals of slowing down. Nevertheless, market players might expect the meme coin to create a base that will catalyze reversals from the dominant downswings.
Shiba Inu Looking for a Base
Shiba Inu’s (SHIB) price has formed about four lows since the 4 December crash. With its downswings, the ‘Dogecoin competitor’ is about to retest the 4 December swing low of $0.0000295. Meme coin enthusiasts might expect SHIB to witness some bullish activity at this level, translating to a base.
Presuming that happens, SHIB price might form a triple bottom near $0.0000295 or $0.0000270 in a worse scenario. That will lead to a downtrend’s reversal. Such cases may see Shiba Inu retesting the resistance barrier at $0.0000380 and gathering liquidity above the mark.
This climb will constitute about a 30% surge from $0.0000295. It also reflects a 40% increase from $0.0000270. If Shiba Inu’s bullish power persists, the meme crypto might extend its upward move to $0.0000411, then $0.0000442.
If SHIB fails to create a base near $0.0000295, Shiba Inu will have another chance to accomplish that around $0.0000270. However, a decisive close under the mark will cancel the bullish narrative and show further possible losses. If increased selling momentum pours in, it might catalyze a 14% downswing towards $0.0000232.
While writing this article, SHIB lost 0.36%, standing at $0.00003076. Mixed movements on Monday morning had the canine-themed crypto climbing to $0.00003080 before dropping to $0.00003031 low. Moreover, SHIB tested the initial critical support at $0.00003030.
For now, SHIB requires a move past $0.0000311 to explore the first resistance at $0.0000316. Broad market support is essential for the crypto to overpower $0.0000315. Failure to overcome $0.0000311 will see SHIB hitting the first crucial support at $0.0000303. Shiba Inu’s second support floor at $0.0000298 might limit plunges.
