#ETHOnTheRise While the weekly chart is bullish, the daily one suggests an initial drop could happen before the $SHIB
price resumes its bullish trend. This is because of both the wave count and indicator readings.
The wave count shows that SHIB has completed wave one (white) of a five-wave increase and is now correcting in 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. Afterward, SHIB could begin to wave three with a target of at least $0.0000575.
Technical indicators are neutral. The RSI and MACD are both falling but are above their bullish thresholds. So, SHIB may be in a short-term downward movement inside a longer-term bullish trend.
The shorter-term six-hour chart aligns with this possibility. The count shows an ascending parallel channel, which usually contains corrective movements. The SHIB price was rejected by the channel’s midline twice (black icons).
A breakdown from the channel will confirm wave C has started. After the SHIB price reaches the $0.000205 support level, it could reverse a bullish trend toward new highs.