Shiba Inu (SHIB), the second largest meme coin, is trading at $0.000001009, up 1.5% in the past 24 hours. SHIB, which could not make much of a jump due to the current bearish sentiment in the market, was one of the stars of the past week. So, what is expected in the coming period? Here are the comments of two analysts…
Analyst: SHIB shows sell signals
Shiba Inu price is showing subtle selling signals to end June, according to cryptocurrency analyst Tony M. Another purge could happen soon. According to the analyst, the Shiba Inu price is showing a profit-driven consolidation in the $0.000001000 region. Thus, it tests the last support of the bulls. This week, a high buying frenzy occurred on June 25 at $0.00001212. After that, the bears managed to pierce the 21-day moving average.
The bulls stepped in to provide support at the 4-hour 8-day moving average. A break below this barrier, however, could result in a massive bottom sweep, targeting the June 18 low at $0.00000714. Shiba Inu price looks skewed from the perspective of the volume indicator. While the value of the currency is increasing, it also points to an increase in the falling volume. The analyst argues that this is a subtle bearish indicator. Also, breaking the supportive 8-day SMA could be the catalyst for a devastating sell-off.
The invalidation of the downtrend causes the breach of certain levels. A close can be made above $0.00001223. If the bulls can conquer this level, they could rise as high as $0.00001700, a 60 percent increase from the current Shiba Inu price.
Will the price rise?
On the other hand, Shiba Inu price entered a major uptrend after bottoming out on June 19, according to analyst Akash Girimath. But the rise has faced problems and headwinds. This led to a final retreat. After a short period of consolidation, the analyst thinks the bulls are ready. The price of the Shiba Inu rose 50 percent between June 20 and June 21. It broke the wide time frame resistance barrier to a support floor at $0.0000095. Interestingly, this increase also turned the descending trendline into a support base.
After a rapid pullback and subsequent consolidation, SHIB triggered another 30 percent gain to $0.00000121. However, the lack of momentum and worsening market conditions pushed the aforementioned support barrier down to $0.0000095. It led to a 21% pullback to retest the downtrend line. SHIB buyers seem to have made a comeback, resulting in an 11 percent move so far.
If this trend continues, Shiba Inu price could surge 15 percent from the current position to retest its initial liquidity target at $0.0000119. Beyond this level, the meme coin could revisit the $0.0000130 barrier after gaining 25 percent. However, if Shiba Inu price can retest the $0.000139 hurdle where a short-term local top could form, the rally will likely form 33 percent. On the other hand, if investors start to take profits, forcing the Shiba Inu price to pull a six-hour candlestick below $0.0000071, it will create a lower low and invalidate the bullish thesis.
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