- Shiba Inu price trades 65% above the June 13 low as the bulls aim to print a Shooting Star candlestick pattern on the weekly chart.
- Multiple technical indicators suggest a pullback will occur for the SHIB price.
- Invalidation of the downtrend lies at $0.00001425.
Shiba Inu price moves higher but traders should be aware of the bearish scenario.
Shiba Inu price is too early to call
Shiba Inu price trades at $0.00001133 as the bulls have ascended 65% since the June 13 lows at $0.00000788. Investors are in a frenzy as talks that a market bottom has been established for the notorious meme coin arises. The technicals show a five-wave impulse down, a textbook clue to look for when hunting for a discounted value. However, a few factors should be considered before jumping the gun from a long-term perspective.
Shiba Inu price does have more short-term upside potential with targets in the $0.00001350 level for an additional 30% gain. However, The SHIB price has yet to hurdle the Relative Strength index’s support level or double bottom at a historic low on the weekly chart. The RSI suggests even if the SHIB price continues higher in the short term, a pullback will occur to balance the RSI’s reading above the support level.
SHIB/USDT 1-Week Chart
SHIB price also lacks volume. There are still not enough transactions on the volume profile indicator to call a new bull run. If the technicals are correct, a short-term pullback could bring the SHIB price sub $0.00001000 before more upside ensues.
Invalidation of the bearish thesis is a breach above $0.00001437. If the bulls accomplish this hurdle, the bulls can confidently aim for an additional rally with targets in the $0.00001850 price zone resulting in a 66% increase from the current Shiba Inu price.