According to crypto analyst Tony M, there is now a 25% drop on the table for the Shiba Inu (SHIB). Also, the analyst says that the price of Dogecoin (DOGE) is showing strong bullish techniques. However, the analyst notes that it is difficult to determine a market bottom before the next rally. We have compiled Tony M’s SHIB and DOGE analysis for our readers.
Is the Shiba Inu a smart money trap?
Since the 16% sell-off on June 9, the bulls have formed a pullback. That’s why SHIB is giving unreliable signals. In a previous bullish view, we mentioned that a triangle breakout could boost SHIB price by 60%. However, it seems that the triangle could be a clever money trap designed to entice investors to open losing positions. Traders are likely to revisit south at $0.00000800 towards the June 21 gap for a 25% drop for the bears. However, they may want to consider taking a slight loss/break.
cryptocoin.comAs you follow, SHIB is currently trading at $0.00001088. At first glance, the techniques seem like the beginning of an imminent rally for the bulls. On the contrary, it is preparing for a classic retest of the breached triangle top near the $0.0001100 price zone. Meanwhile, the sell signal is not clear. That’s why we don’t recommend making an early entry. During the weekend, traders should look for bearish trends in smaller timeframes close to the current price zone. Or a more conservative approach would be to wait for a break of $0.00001000 for entry.
A bear trend invalidation is a breach above $0.00001250. If the bulls can conquer this level, they are likely to continue using the uptrend towards $0.00001400, which resulted in a 30% increase from the current SHIB price.
“DOGE price says time is near”
Dogecoin price is showing optimistic signals to close the second week of July. In previous views, we mentioned a sell-off in the $0.05 region after an impressive 60% bull run in the second week of June. The bulls are trying to hold support in the historical uptrend channel. DOGE is down 15% since it was marked as high at $0.0780. This is a very important critical level. Because DOGE still has a 20% volatility opportunity without invalidating the medium-term bullish thesis mentioned in the previous weekly views.
DOGE price is currently trading above the uptrend channel at $0.0631. The Relative Strength Index has recaptured the 40 level on the daily chart of buyers. This deserves a detailed, hands-on analysis of DOGE in the coming days.
Still, we took the analysis in bearish format to justify a conservative bullish entry if the stars align for DOGE price. If the bulls can climb above $0.078, it is possible that they will create a positive bullish market condition for investors. The initial bullish target is $0.10. The macro targets suggest that the bulls could climb as high as $0.25. He also suggests that this could result in an increase of up to 280% from the current DOGE price.
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