{"id":154288,"date":"2023-09-12T15:55:47","date_gmt":"2023-09-12T10:25:47","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=154288"},"modified":"2023-09-12T15:55:47","modified_gmt":"2023-09-12T10:25:47","slug":"250-rally-or-all-time-low-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/250-rally-or-all-time-low-crypto-news\/","title":{"rendered":"250% Rally Or All-Time Low? – Crypto News"},"content":{"rendered":"

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Shiba Inu (SHIB) is in a crucial make-or-break moment. Following a market-wide altcoin slump, SHIB\u2019s price action is being shaped by two opposing chart patterns, both of which could have significant implications for the price\u2019s future.<\/p>\n

A Tale Of Two Patterns For Shiba Inu<\/h2>\n

The 1-week chart for SHIB reveals a tale of two patterns. On one hand, there\u2019s the bullish triple bottom, suggesting a potential end to SHIB\u2019s two-year downtrend. On the other, a descending triangle, which has been in the making for over 13 months, hints at a bearish outcome. In an analysis<\/a> on August 30, NewsBTC already warned of this scenario.<\/p>\n

Yesterday, SHIB\u2019s price dipped to a low of $0.00000697 before rebounding slightly to $0.00000722. This places it precariously above the crucial support line of $0.00000715. For SHIB to steer clear of the bearish implications of the descending triangle and to validate the triple bottom, it\u2019s imperative that it maintains a weekly close above this price.<\/p>\n

SHIB trades a make-or-break price, 1-week chart | Source: SHIBUSD on TradingView.com<\/a><\/figcaption><\/figure>\n

The triple bottom, a bullish chart pattern, is characterized by three roughly equivalent lows bouncing off a support level, culminating in a breakout above resistance. This suggests a shift in momentum from sellers to buyers.\u00a0For SHIB, the criteria for a triple bottom seem to be in place: an existing downward trend precedes the pattern; the three lows are approximately equal, allowing for a horizontal trend line and a decline in volume throughout the pattern suggests weakening bearish momentum.<\/p>\n

SHIB\u2019s journey through this pattern began in June 2022 with its first low at $0.00000715. After a brief recovery, it hit its second low in December 2021 at $0.00000781. The third and most recent low was recorded in June 2023 at $0.0000060.<\/p>\n

The Shadow Of The Descending Triangle<\/h2>\n

However, the triple bottom\u2019s bullish narrative is challenged by the descending triangle\u2019s bearish undertones. If SHIB\u2019s price falls below the $0.00000715 support, it could validate the descending triangle, potentially pushing SHIB towards its year-to-date low of $0.000006. A breach of this level might plunge SHIB into uncharted waters, making a new all-time low a grim possibility.<\/p>\n

Traders often seek additional confirmation of patterns through other technical indicators. The Relative Strength Index (RSI) is one such tool. SHIB\u2019s weekly RSI currently stands at a neutral 39.8 (neutral). However, a recent dip below the 30-mark (indicating oversold conditions) suggests that the recent price drop might have been the last for SHIB.<\/p>\n

Should the triple bottom be validated, SHIB could witness a significant rally. An immediate target to watch would be the 23.6% Fibonacci retracement level at $0.00002545, translating to a potential surge of approximately 250% from its current price.<\/p>\n

In conclusion, SHIB\u2019s future hangs in the balance. The coming days and weeks will be crucial in determining whether it embarks on a bullish rally or succumbs to bearish pressures.<\/p>\n

Featured image from Trader 2.0, chart from TradingView.com<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

Shiba Inu (SHIB) is in a crucial make-or-break moment. Following a market-wide altcoin slump, SHIB\u2019s price action is being shaped by two opposing chart patterns, both of which could have significant implications for the price\u2019s future. A Tale Of Two Patterns For Shiba Inu The 1-week chart for SHIB reveals a tale of two patterns. […]<\/p>\n","protected":false},"author":2,"featured_media":154289,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-154288","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/154288","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=154288"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/154288\/revisions"}],"predecessor-version":[{"id":154290,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/154288\/revisions\/154290"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/154289"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=154288"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=154288"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=154288"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}