- Shina Inu could erase the 36% rally that followed the Robinhood listing.
- The downward move pushes the meme coin into the demand zone of $0.0000219 – $0.0000246, suggesting a potential bullish impulse in the up-and-coming sessions.
- A 24hr candle close beneath $0.0000211 will cancel SHIB’s bullish thesis.
Shiba Inu sees intensifying consolidation as the Dogecoin competitor remained within a range for about two months. Though the price movement appears pessimistic, the latest downward move pushed Shiba Inu into a crucial demand territory that could trigger another upside action.
Shiba Inu Price Action
Shiba Inu’s price reactions from 4 January led to an Adam-Eve setup. Nevertheless, breakout appears to cook from a distance as the meme coin explores the range, stretching between $0.0000211 and $0.0000271, amid consolidation actions.
Volatility absence in Bitcoin further affects the canine-themed crypto, translating to a colossal sideways move that started on 24 February. The topside boundary around $0.0000271 appears a challenging area to overcome. Each trial to surpass the mentioned hurdle since 1 March has welcomed steep retracement for SHIB.
Meanwhile, Shiba Inu saw a 36% increase in a day following the 12 April Robinhood listing. However, the much-awaited move faded, and SHIB lost approximately 22%, currently trading within the demand territory stretching between $0.0000219 and $0.0000246.
A rebound from this level will likely see the alt retesting the base reversal setup’s neckline near $0.0000329. Going back to the Adam-Eve, this pattern comprises a V-shaped valley plus a rounding bottom.
The technical setup predicts a 38% surge towards $0.0000454, obtained by assessing the valley’s gravity and adding to the $0.0000329 breakout level.
Only a 24hr candlestick closing beyond the mentioned barrier can suggest a breakout and launch an action towards the $0.0000454 target. The upside move could stretch to retest the psychological level at $0.0000500. That could constitute a 115% total gain for Shiba Inu.
While the narrative appears optimistic for SHIB, Bitcoin’s crash may end the outlook within no time. Also, a daily candle closing under $0.0000211 will print a lower low and cancel SHIB’s bullish case. That can see the altcoin dipping to retest the sturdy support at $0.0000204.