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SHIB analysis – the price has entered a new growing trend. It must cool down for a short time

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SHIB analysis - the price has entered a new growing trend. It must cool down for a short time
Source: Shutterstock.com/Cond Std

SHIB managed to grow in the last leg by up to 42% and thus definitively ended the long-term declining wedge. However, the price ran into resistance. The current candle resembles a shooting star, which means it is a reversible candle. However, this candle is not finished yet, and therefore its form can take on a different visualization.

The resistance at which the price has stopped is at point of control 0.00005156 $. Overall, the range from $ 0.00004600 to $ 0.00005800 is a strong zone where a high number of transactions were traded. In the short term, therefore the price of SHIB should have cooled before continuing to the next growing leg.

SHIB / USD 4HSHIB / USD 4H. Source: TradingView

SHIB has entered a new trend

RSI also indicates entry to overbought phase, although this does not explicitly mean that the trend should end immediately. There is a high probability that the trend will continue, but in the short term the price should create a correction. Only then will we look at the next one bull targets.

Bull targets are currently on the surface $ 0.00005600 and $ 0.00006400. To achieve them, the chart needs to increase continuously volumes. However, the volumes at the last bear candle exceed the previous bull volumes. This is also proof that the price needs to cool down in the short term.

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