Bullish Breakout After Forming Double Bottom
SHIB has found strong support around $0.00002640, forming a double bottom pattern on the daily charts. This bullish reversal pattern suggests a potential trend reversal and a breakout to the upside.
The price has already risen to $0.00002864, which I view as a breakout sign.
Resistance Levels to Monitor
- The first hurdle for SHIB's bullish momentum lies at $0.00002960. If the price can overcome this initial resistance level, it could pave the way for further gains.
- The second resistance zone is between $0.00003050 and $0.00003200, an area where many experienced traders are likely to take a profit. A successful breakout above this zone would be a significant bullish development.
- Finally, if SHIB can surge past $0.00003200, it could encounter resistance around $0.00003455.
Crypto Impact
The overall health of the cryptocurrency market will significantly influence SHIB's price trajectory. If the current bullish momentum in the broader market wanes, SHIB's breakout attempt could falter.
In a bearish scenario, SHIB could potentially fall back down to its support level around $0.00002375.
The price has already risen to $0.00002864, which I view as a breakout sign.
Resistance Levels to Monitor
- The first hurdle for SHIB's bullish momentum lies at $0.00002960. If the price can overcome this initial resistance level, it could pave the way for further gains.
- The second resistance zone is between $0.00003050 and $0.00003200, an area where many experienced traders are likely to take a profit. A successful breakout above this zone would be a significant bullish development.
- Finally, if SHIB can surge past $0.00003200, it could encounter resistance around $0.00003455.
Crypto Impact
The overall health of the cryptocurrency market will significantly influence SHIB's price trajectory. If the current bullish momentum in the broader market wanes, SHIB's breakout attempt could falter.
In a bearish scenario, SHIB could potentially fall back down to its support level around $0.00002375.
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