The analyst believes the triple-bottom pattern is key in regards to SHIB's future price movements.
A critical observation Marks made is the appearance of a “triple bottom” pattern in SHIB’s latest price chart. In technical analysis, a triple bottom is a bullish chart pattern that consists of three identical lows followed by a breakthrough above the resistance level.According to Marks’ analysis, the last time the price of Shiba Inu experienced a triple bottom was between June and September 2021, when it sank to $0.00000619, $0.00000593, and $0.00000592.
Shortly after the third dip, Shiba Inu went on an impressive bull run from Oct. 4 to Oct. 28, recording itsMarks claims a similar pattern has emerged in Shiba Inu’s price chart, although the intervals between bottoms have been more spread out this time.out at $0.00000818. The second dip in this new triple bottom cycle occurred at the tail end of 2022, with SHIB tanking to the $0.00000791 level.
Marks has pinpointed Shiba Inu’s crash in June 2023, when it dropped as low as $0.00000543, as the third and final bottom.While this pattern suggests a strong support level and potential upside for Shiba Inu, there are fears that a fourth bottom could introduce an element of uncertainty. Despite this, Marks remains optimistic about the dog-themed coin’s potential to reach new all-time highs. SHIB is trading at $0.00000825, up 2.3% in the last 24 hours.
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