Analyst Warns Of Imminent SHIB Correction After Latest Rally
According to a well-known analyst, Shiba Inu’s (SHIB) most recent gain may have been a trap for bulls hoping to accumulate meme coins.
Shiba Inu is currently experiencing a spike within a macro slump, according to pseudonymous expert Cheds, who has 311,700 followers on Twitter.
The analyst predicts that the surge would likely catch SHIB supporters off guard because they hoped the leading meme coin would reverse its trend and start a solitary bull run.
“SHIB strong bounce in a strong downtrend. May be setting up for a short here soon.”
Cheds claims that after potentially printing a blow-off top on the four-hour chart, bulls are beginning to exhibit indications of weariness. Additionally, he claims that if SHIB rises beyond $0.00001075, his bearish outlook will be rendered meaningless.
After printing its 2023 low of roughly $0.0000054 in June, Shiba Inu is currently experiencing a significant uptrend. The Dogecoin (DOGE) rival is now worth 0.00001013, up more than 14% from the previous day.
Cheds claims that after dropping to about $28,600, Bitcoin (BTC) may have already printed a local bottom.
“BTC students should note that (the August 1st) low of $28,612 should be enough to satisfy the initial call for a mean reversion.
Going forward, consider it a throwback which now adds importance to that price zone.”
Cheds anticipated that Bitcoin would reach $28,500 before its corrective phase ended late last month. The analyst also said that if BTC hits its downside objective, it would likely begin a sluggish grind-up.
