Shiba Inu Token (SHIBUSD)

[europa7]

Analyst Issues Shiba Inu Warning, Predicts Imminent SHIB Correction Following Latest Rally
https://dailyhodl.com/2023/08/06/analyst-issues-shiba-inu-warning-predicts-imminent-shib-correction-following-latest-rally/

"...A closely followed analyst says that Shiba Inu’s (SHIB) latest rally could be a setup to trap bulls wanting to long the memecoin.

Pseudonymous analyst Cheds tells his 311,700 Twitter followers that Shiba Inu is currently witnessing a surge within a macro downtrend.

According to the analyst, the rally will likely trap SHIB bulls who are expecting the top memecoin to reverse its trend and ignite an isolated bull run.

“SHIB strong bounce in a strong downtrend. May be setting up for a short here soon.”

Cheds says that bulls are starting to show signs of exhaustion after potentially printing a blow-off top on the four-hour chart. He also says that his bearish stance will be invalidated if SHIB rallies above $0.00001075.

Shiba Inu is currently in the midst of a strong upward move after printing its 2023 low of around $0.0000054 in June. At time of writing, the Dogecoin (DOGE) competitor is worth 0.00001013, up over 14% in the last 24 hours.

Looking at Bitcoin (BTC), Cheds says that the crypto king may have already printed a local bottom after falling to around $28,600..." (see article for more details)

go $SHIB