The color of the Shiba Inu logo has been more red since Thursday. Bulls need to be much more careful, as sellers in meme coin crypto do not have entry points for opposing forces. The first target, according to analyst Filip L, is $0.00001115, which already accounts for 26% of the earnings. Let’s continue with technical analysis…
What did the Shiba Inu (SHIB) price do?
The Shiba Inu (SHIB) was surfing with a favorable tailwind and stopped the vendors out of their positions. The receivers were about to launch a rocket to the moon, and the journey didn’t look like it would stop anytime soon. According to the analyst, with the monthly R1 resistance level at $0.00000900, buyers will want to take some profit and new buyers will want to average on a new trade.
Meme coin Shiba Inu offers another entry
The price action of the Shiba Inu peaked on Thursday and peaked around $0.00000950 from August 17. In this way, SHIB creates a double top and creates an incentive for the bulls to do better. Buyers will have already made a pretty substantial profit, so the risk is now that this rally will start to fade quickly. Also, a medium-term descending trendline could do the trick to keep buyers in check and add new volume to the rally. This trendline comes from May 24 and the August 17 high acted as one of the conformation points. Now, a minor short-term correction is normal as the price action on the Shiba Inu is overheating. Buyers wishing to join the SHIB will use this short waiting period as an entry to top up their Shiba Inu coins, according to the analyst.
Analyst Filip expects this intermediate-only double top to break again when buyers increase price action on SHIB again. Then there aren’t many paths for another leg higher at $0.00001110 to $0.00001115. Here, the Shiba Inu will start to show signs that the rally is slowing down again, as this is both historical territory and the monthly R2 resistance level will try to rise further. A good sign for the bulls will wait around $0.00001215. However, this zone will be the absolute stop as the SHIB price action has two historical levels here and the monthly R3 resistance level is a few inches away from them. This area can be expected to be the final stop for the rally, after which the dealers will get behind the wheel. However, if the rally fades sooner, we can expect a pullback towards $0.0000760. This will basically still hold some significance and buyers will want to avoid going back in range trading where SHIB has been stuck for almost a month.
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