Shiba Inu (SHIB) Whales are dumping wildly, can the price still rise by 52%?

According to Gate news, CoinGape reports that Shiba Inu (SHIB) is following the rise of the crypto assets market, trading at $0.00001162, which is a 15% increase from the lowest point this week. The technical indicators show that despite the ongoing selling spree by whales, SHIB is still expected to rise by 52%.

Double bottom pattern formed, Shiba Inu price is expected to break through

The daily chart shows that after the price of SHIB peaked at $0.00001765 in May, it has been in a strong downtrend. Since then, the price has dropped by 35% to the current $0.00001172.

The positive aspect is that the SHIB price has formed a double bottom pattern at this week's low of $0.00001025. This pattern consists of two different lows and a neckline, with the neckline in this case located at $0.00001765.

As long as the price remains above the lowest point, a bullish breakout usually follows the double bottom pattern. The target price for this pattern is estimated by measuring the height of the neckline subtracted from the lowest point. In this case, the height is $0.0000074.

Then add the height to the neckline, making the target price reach $0.000025, which is 115% higher than the current level. The initial target is the double bottom neckline, located at $0.00001765, which is a rise of 52% from the current level.

The oscillation indicator shows a bullish signal. The two lines of the MACD indicator have formed a bullish crossover, while the Relative Strength Index (RSI) is pointing upwards and is close to the neutral point of 50.

If the SHIB price falls below the double bottom at $0.00001025, the bullish SHIB price prediction will become invalid. This will invalidate the pattern and indicate further downside potential.

(Source: Trading View)