- Shiba Inu price tags the intended $0.00001550 target
- Shiba Inu price has rallied 35% in just one day.
- A neutral bias is being issued until further evidence evolves this week.
Shiba Inu price validates last week’s bullish trade setups. Traders should consider a less aggressive approach for reasons mentioned below.
Shiba Inu price finally reveals its cards
SHIB/USDT Bullish Trade Setup
Shiba Inu price has recently rallied an impressive 35% in just one day. Throughout the summer, the outlook on Shiba Inu price has been maintained at a short-term bullish stance with targets in the $0.00001400 -0.00001550 area. In last week’s bullish thesis, a 2.7-1 reward to risk trade setup was forecasted.
A volatile spike towards $0.00001300 could be a significant catalyst for higher targets. Invalidation of the uptrend remains at $0.00001150.
Shiba Inu Hodl Thesis
After spotting a bearish divergence on the daily chart, an update was issued which suggested trailing the profitable trade and continuing to aim for higher targets.
“Still, the intended target zone at $0.00001400 is within arms reach. If the target is surpassed, traders may want to consider actualizing the profit as bearish divergences tend to result in liquidations after the fact. Early signs of uptrend weakness will be a break below $0.00001217.”
Shiba Bearish Divergence Thesis
What's to come?
Shiba Inu price currently trades at $0.00001564. Now that the notorious meme coin has rallied higher, it may be best to consider being less aggressive in the coming days. The Shiba Inu price could roll over as previous mid-term outlooks have forecasted or extend towards liquidity levels around $0.00001700. For this reason, this thesis will remain neutral until further evidence presents itself this week.
SHIB/USDT 1-Day Chart
In the following video, our analysts deep dive into the price action of Shiba Inu, analyzing key levels of interest in the market. -FXStreet Team
