SHIB Double Bottom Pattern: What it Means for the Investors?

Since October 28 last year, SHIB price has been going down. After reaching an All-Time High (ATH) of $0.000088, it has shown no sign of getting back to its perch.

However, one pattern has caught the eye of investors and analysts across the globe. And this pattern is inspiring them to consider SHIB despite the exit of its founder.

Shiba Inu’s value has risen by 30% since it was at its bottom price on May 12. As a result, it has developed its first higher-low.

When we look at the Shiba Inu price charts, it is visible that SHIB developed a double bottom between May 12 and May 29.

As per experts, the double bottom indicates a bullish pattern, which means people often buy when this pattern is achieved.

On top of the double bottom, RSI shows a bullish divergence. Therefore, the pattern shown in the charts holds more significance.

One of the SHIB aficionados (in SHIB Army) predicted a short-term breakout, and true to his words, SHIB did break out.

Although the price did reach, it was rejected at $0.0000123. However, if the forecasted resistance area is once again reached, then the price is expected to reach $0.000014.