- Shiba Inu price is retesting a parallel channel's median line.
- SHIB price is hovering around the 100-day moving average.
- Invalidation for the bullish uptrend is a break of $0.00002262.
Shiba Inu price is still in an uptrend, but professional traders are likely to look for better opportunities until stronger confluences appear.
Also read: MULN stock loses ground as Polestar-Hertz deal sees Mullen Automotive take back seat
Shiba Inu price remains in an uptrend until further notice
Shiba Inu price is currently chopping around the 100-day moving average at $0.00002652, which is standard price action for cryptocurrencies. The popular meme coin has shallow reasons to continue holding for traders already in profit from last month's successful trade setups. A parallel channel is being retested for the third time on the 4-hour chart, printing hammer and doji candles amidst the bearish sell-off.
Shiba Inu price volume is also tapering off on the 4-hour chart, which should give scalpers and intraday traders more confidence for short-term targets at $0.000027 and $0.000028. Investors should consider waiting for a breach of the wedging trend lines before making long-term decisions.
SHIB/USDT 4-hour chart
The uptrend will be deemed a failure if $0.00002262 support gets broken. If this scenario were to occur, the bears would likely have enough strength to send Shiba Inu price to $0.00002200 and $0.00002000 up to 25% below the current price.
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