Shiba in going to the moon 🌙 🌝
🐶 Possible SHIB Price Drop
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.