Analyst Predicts Imminent Correction for Shiba Inu Following Latest Rally

08/07 00:30

According to analyst Cheds, Shiba Inu's recent surge may be a trap for bullish investors hoping for a reversal in the memecoin's trend. Cheds believes that the rally is occurring within a larger downtrend and that it will likely lead to a short position. The analyst notes that exhaustion is setting in among bulls and that a blow-off top may have been printed on the four-hour chart. However, Cheds' bearish stance would be invalidated if SHIB rallies above $0.00001075.

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