- Shiba Inu price retests $0.00001000 during the second trading week of July.
- SHIBA price is dead center between a bullish and bearish scenario.
- Invalidation of the bearish trend is a close above $0.00001190.
Shiba inu price is in a make-or-break situation. Placing an entry is highly risky for both bears and bulls.
Shiba Inu price worthy of watching closely
Shiba Inu price currently trades at $0.00001020 as the bears flex their control over the notorious meme coin. The bears have forced a second retest of the $0.00001000 consolidation zone in the middle of a 70% bull run for the SHIBA price. On July 11, the triangle breakout failed to rally impulsively. Yes, the first wave could be a very choppy leading diagonal. But hope often gets you hurt in this market.
Shiba Inu price saw an 8% rally into a high at $0.00001174 on July 9 before things went south. Now traders who did not move their entries to break even are at an 8% loss. Last week’s thesis mentioned the possibility of this extended triangle scenario. The bullish triangle thesis has not been invalidated as wave A at $0.00000925 is still unbreached. However, bulls outside the market should avoid entering the market to take an unnecessary loss. If market conditions persist, a liquidity hunt targeting $0.00000950 is a plausible scenario.
SHIB.USDT 3-Hour Chart.
Thus the Invalidation of the bearish thesis will also be a bullish entry signal. If the Shiba Inu price can close above the July 9 swing high at $0.00001190, the bulls should be able to rally to $0.00001700, resulting in a 70% increase from the current Shiba Inu price.
