Shiba Inu (SHIB), one of the most popular meme coins, has attracted many investors with its price rally last year. Although it has lost value since then, investors are wondering what the next levels will be. Below, you can find analyst Tony M.’s comments on the subject. Here are the details…
- 1 Analyst noted important technical data for SHIB
- 2 SHIB lacks volume
- 3 Latest situation on Shiba Inu price
- 4 Share this:
Analyst noted important technical data for SHIB
Shiba Inu price has risen 65 percent since the bulls’ June 13 low of $0.00000788 to $0.00001133. Investors are wondering if a bottom has formed for the meme coin. Technical factors are showing a five-wave drop, which is a clue to look for when looking for a discounted value. However, several factors should be considered before jumping from a long-term perspective to a short-term one.
Shiba Inu price has shorter-term upside potential with targets at $0.00001350 for an additional 30 percent gain. However, SHIB price has not yet blocked the support level of the Relative Strength index or a historic low double bottom on the weekly chart. The RSI suggests that even if SHIB price continues to rise in the short term, there will be a pullback to stabilize the RSI’s data above the support level.
SHIB lacks volume
On the other hand, SHIB price lacks volume. There are still not enough trades in the volume profile indicator to call for a new bull run. If the technical information is correct, a short-term pullback could push SHIB price below $0.00001000 before more upsides occur. The invalidation of the bearish thesis is a breach above $0.00001437. If the bulls break this hurdle, the bulls can confidently aim for an additional rally with targets in the $0.00001850 price zone, resulting in a 66 percent increase from the current Shiba Inu price.
As a result, Shiba Inu price is trading 65 percent above June 13 low as the bulls aim to print a Shooting Star candlestick pattern on the weekly chart. Multiple technical indicators are showing that there will be a pullback for SHIB price. If the downtrend is invalidated, $0.00001425 could be seen. Shiba Inu price has risen but traders should be aware of the bearish scenario.
Latest situation on Shiba Inu price
During the week, exactly on June 21, the Shiba Inu (SHIB) became one of the biggest winners in the crypto market. AmkNews.com As we have also reported, it rose more than 45 percent. This rally also caused the Shiba Inu to retain its position as the largest held crypto asset for the top 100 Ethereum whales.
Disclaimer: The articles and articles on AmkNews do not constitute investment advice. AmkNews.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is AmkNews an investment advisor. For this reason, AmkNews and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, asset or service in this article.
Warning: Citing the news content of AmkNews and quoting by giving a link is subject to the permission of AmkNews. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of AmkNews in violation of intellectual property law and relevant legislation.