- Shiba Inu price is trading 65% above the June 13 low, with bulls aiming to imprint a Shooting Star candlestick pattern on the weekly chart.
- Several technical indicators suggest that a pullback will occur for the SHIB price.
- Downtrend Invalidation lies at $0.00001425.
Shiba Inu price is rising, but traders should be aware of the bearish scenario.
Shiba Inu price is too early to call
Shiba Inu price is trading at $0.00001133 as the bulls are up 65% since the June 13 lows at $0.00000788. Investors are in a frenzy as talks of setting a market bottom for the famous coin emerge. The techniques show a five-wave downward impulse, a textbook clue to look for when looking for a present value. However, a few factors should be considered before taking the leap into a long-term perspective.
Shiba Inu price has more short-term upside potential with targets at the $0.00001350 level for an additional 30% gain. However, SHIB price has yet to reach the relative strength index support level or double bottom at an all-time low on the weekly chart. The RSI suggests that even if the SHIB price continues to rise in the short term, a pullback will occur to balance the RSI reading above the support level.
SHIB/USDT 1 week chart
The SHIB price also lacks volume. There are still not enough trades on the Volume Profile Indicator to call a new bull run. If the technical data is correct, a short-term pullback could take SHIB price back below $0.00001000 before further upside ensues.
The invalidation of the bearish thesis is a violation above $0.00001437. If the bulls clear this hurdle, they can confidently aim for a further rally with targets in the $0.00001850 price zone, which will result in a 66% increase from the current Shiba Inu price.