Shiba Inu's price is in the process of setting up a bottom reversal pattern level. Interestingly, the effects of Elon Musk’s tweet were ephemeral, which allowed SHIB and the rest of the cryptocurrency market to recover quickly.

Shiba saw an 83% sell-off from its peak at a price of $0.0000394 to $0.00000654 in under ten days, starting from May 10. While this drawdown was brutal, to say the least, Shiba Inu's price has plans of making a comeback.

After this massive drop, SHIB slipped into consolidation and has been doing it for more than two weeks. This range-bound movement has evolved into a bottom reversal pattern level known as Adam and Eve.

This technical pattern formation consists of two valleys, one with a V-shaped bottom and the other has a rounded base. The first swing low is referred to as Adam, while the second, Eve. A horizontal resistance support level is formed when the peaks of the two swing lows are connected using price trend lines.

The target for this technical pattern formation is determined by adding the distance between the peak and the valley to the breakout point. Therefore, a decisive close above the price of $0.0000109 will confirm a breakout from the reversal pattern level and project a 30% upswing to $0.0000146.

However, if SHIB's price fails to break through the resistance at $0.0000109, it will signal weak buyers. If the resulting downswing produces a convincing close below the May 31 swing low at price of $0.00000784, it will invalidate the bullish thesis.

In that case, Shiba Inu's price might continue its downtrend to the second valley’s lowest point at $0.00000731.