Shiba Inu Heading to the Moon... but a Small Dip May Be Ahead! 🚀
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Shiba Inu (SHIB) enthusiasts, get ready for an exciting ride! While the long-term outlook remains bullish, short-term technicals suggest a slight pullback before the rally continues. Here’s why:
🔻 Price Drop in the Short-Term?
The weekly chart remains strong, but the daily one signals that SHIB might experience a brief decline before resuming its upward momentum. Based on the current wave count, SHIB has completed wave one of a five-wave rally and is now correcting in wave two.
📉 Where’s the Bottom?
The likely target for this correction is around $0.0000205, a key support level formed by the 0.5 Fibonacci retracement. After this dip, SHIB could bounce back with a target of at least $0.0000575 for wave three!
📊 Indicators Are Neutral
Both the RSI and MACD are trending downward, but still above their bullish thresholds, signaling that this dip is likely just a short-term correction within a longer-term bullish trend.
📉 Short-Term Drop Potential
On the six-hour chart, SHIB is moving within an ascending parallel channel, which typically indicates corrective movements. The price has already been rejected at the channel’s midline twice, confirming a potential breakdown. Once SHIB hits that $0.0000205 support, it may reverse course and continue its climb to new highs!
🚀 The Future Looks Bright for SHIB!
Stay tuned and watch out for the upcoming bullish wave after this minor dip! Shiba Inu’s journey to the moon is just getting started! 🌙
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