Shiba Inu, the popular dog-themed cryptocurrency, showed an insignificant fall of 0.33% during Monday’s U.S. trading session. The long-wick rejection candle in the daily chart shows intact overhead selling pressure as the broader market struggles amid tariff tension.
However, the SHIB buyers have an opportunity to counterattack by forming a double-bottom pattern. Is $0.000015 really close?
Shiba Inu Price Struggles as Market Faces Tariff Uncertainty
In April’s second week, the crypto market witnessed a renewed recovery after US President Donald Trump suspended reciprocal tariffs on 75+ countries. This move sparked a bullish sentiment in the market and pushed Bitcoin’s price above the $80,000 mark, bolstering bottom formation in most major altcoins.
Thus, the Shiba Inu price bounced from $0.00001028 to the current trading price of $0.000012, accounting for 16.73% growth. According to CoinGecko, the asset market cap is at $7.06 billion.
An analysis of the daily shows this upswing as a potential formation of a bullish reversal pattern called the Double Bottom Recharge Pattern. This W-shaped setup indicates growing demand pressure at key support, signaling a potential shift in trend.
The recent retest of bottom support is accompanied by a higher low in the RSI, hinting at strengthening bullish momentum. If the pattern holds true, the SHIB price is poised for a 31% charge of challenging the neckline resistance at $0.00001586.
A bullish breakout from this neckline is an early sign of trend reversal.
On the contrary, if tariff tension continues to pressurize the broader market, the SHIB price could plummet around 6% to challenge another breakdown from the bottom support.
Key Indicators:
- Related Strength Index: Concerning the two reversals from the double bottom, the daily RSI graph shows a fresh higher formation, indicating the increasing bullish momentum at base support.
- Exponential moving averages: The Shiba Inu price trading below the daily EMAs 20, 50, 100, and 200 indicates a bearish broader market.
Also Read: Ethereum Price Eyes $2,000 as Calms After Tariff Pause Gets Whales Support
