Shiba Inu (SHIB) has been a market favorite, and with its meme-inspired roots and passionate community, itโs no surprise that investors are dreaming of the moon! But before you let your excitement run wild, letโs analyze the charts and uncover what could be a crucial turning point for SHIBโs price action.
Short-Term Drop Before Liftoff?
While the weekly chart remains strongly bullish, the daily chart hints at an initial price drop before SHIB resumes its upward journey. Hereโs why:
Wave Count Insight: The current wave analysis suggests SHIB has completed wave one of a potential five-wave rally. However, itโs now correcting in wave two.
Sub-Wave Breakdown: SHIB appears to be in wave C of this decline. This wave could push the price to a low of $0.0000205, aligning with the 0.5 Fibonacci retracement level.
But donโt let this shake your confidence! Once this correction concludes, SHIB is poised to ignite a powerful wave three rally, with an ambitious target of at least $0.0000575.
Technical Indicators: The Calm Before the Storm
RSI and MACD: Both indicators are slipping but remain above their bullish thresholds. This suggests that while SHIB is experiencing short-term weakness, the long-term trend remains intact.
Six-Hour Chart: On a closer look, SHIB is moving within an ascending parallel channelโa pattern that often signals corrective price movements. Interestingly, the price has already faced rejection from the channelโs midline twice.
A breakdown from the channel would confirm the completion of wave C. After hitting the $0.0000205 support level, SHIB could reverse dramatically, signaling the start of its next bullish phase.
What Lies Ahead for SHIB?
Short-Term Target: Expect a potential correction to $0.0000205.
Long-Term Goal: Once the correction is complete, SHIB could soar to $0.0000575 or higher as it enters its next major wave.
This journey may seem like a rollercoaster, but for seasoned traders and SHIB fans, these dips could be golden opportunities. Keep your eyes on the charts, as the stars may be aligning for Shiba Inuโs next big move!
Final Thoughts
SHIB remains a strong contender for explosive growth, but the road to the moon isnโt always a straight line. Stay alert for short-term corrections and position yourself wisely for the upcoming wave three rally.
Are you ready to ride the Shiba Inu rocket? ๐๐พ
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