Shiba is going to the moon 🌙 🌝

🐶 Possible SHIB price decline

While the weekly chart is bullish, the daily chart suggests that an initial decline could occur before SHIB price resumes its uptrend. This is due to both the wave count and indicator readings.

The wave count shows that SHIB has completed the first wave (white) of a five-wave increase and is now correcting into wave two. The sub-wave count is black, implying that SHIB is in wave C of this decline.

A likely target for the bottom of the decline is at $0.0000205, created by the 0.5 Fibonacci retracement support level. After that, SHIB could start wave three with a target of at least $0.0000575.

Technical indicators are neutral. The RSI and MACD are both down but are above their bullish thresholds. Thus, SHIB could be in a short-term downtrend or a longer-term uptrend.

The short-term six-hour chart matches this possibility. The count shows an ascending parallel channel, which usually contains corrective moves. SHIB price has been rejected by the channel’s middle line twice (black icons).

A breakout of the channel will confirm the start of wave C. Once SHIB price reaches the $0.000205 support level, it could reverse an uptrend towards new highs.

$SHIB