- Shiba Inu price shows the possibility for a sell-off targeting the June 21 gap at $0.00000800.
- SHIBA price triangular consolidation begins to distort proportionately
- Invalidation of the downtrend is a breach of $0.00001250.
Shiba Inu price continued sideways price action merits a second guess in further up trend potential. A 25% decline is now on the table for the notorious meme coin.
Shiba Inu price looks like a trap
Shiba Inu price shows untrustworthy signals as the bulls are establishing a retracement since the 16% sell-off on June 9. Although it was mentioned in a previous bullish outlook that a triangle breakout could propel the SHIBA price an additional 60% higher, it appears the triangle may very well be a smart money trap meant to entice traders to open losing positions. Traders may want to consider taking a slight loss/breaking even as the bears could re-route south towards the June 21 gap at $0.00000800 for a 25% decline.
Shiba Inu price currently trades at $0.00001088. What may at first glance seem like the beginning of an imminent rally for bulls, the technicals are contrarily setting up for a classical retest of the breached triangle apex near the $0.000001100 price zone. Placing an early enftry is ill-advised as the sells signal is not apparent during writing. Throughout the weekend, traders should look for bearish divergence on smaller time frames near the current price zone, or a more conservative approach would be to wait for a breach of $0.00001000 for entry.
SHIB/USDT/ 1-Day Chart
Invalidation of the bear trend is a breach above $0.00001250. If the bulls can conquer this level, they may be able to continue using the uptrend towards $0.00001400, resulting in a 30% increase from the current Shiba Inu price.
