- Shiba Inu price is trading at its highest price this week at $0.00002466
- SHIB price has bounced off last week’s settlement close and continues to rally
- Traders should expect additional upside for the popular meme coin
Shiba Inu price has given further confirmation of a 30% rally based on last week’s bullish thesis. SHIB has already increased 15% and is likely to continue.
Shib Inu price has won half the battle
Shiba Inu price has day traders in a frenzy as the popular meme coin has respected classical-style trading methods this week. It was mentioned in last week’s thesis that the two-week low of $0.00002120 could be the ultimate invalidation level for early bulls looking for an entry. At the time of last week’s thesis, the 6% invalidation level seemed too tight to be true.
In retrospect, early buyers should be relatively pleased as SHIB price has bounced off of last week’s settlement close and surged halfway to its target at today’s high of $0.00002530.
Shib Inu price volume is increasing to the upside on the 9-hour chart. However, it should be mentioned that the previous swing high has yet to be breached.
Traders in profit are likely moving their safety stops into profit. Thus, one can expect erratic behavior from the popular meme coin as market makers will look to grab liquidity on both sides. The bulls’ next target lies 15% ahead at $0.00002976.
SHIB/USDT 6-Hr Chart
Shib Inu price invalidation will remain the same. Under no circumstance should the price come back to touch $0.00002120. If this scenario were to happen, bears would likely take charge and send prices disastrously lower into $0.00002064 and $0.00001960, representing a 20% dip from the current price.