US Politicians Applaud Shiba Inu Surge, Trend Reversal Still Pending

Shannon Bray, a candidate for governor in North Carolina next year, has again expressed her love for the mime coin Shiba Inu (SHIB). On Sunday, Bray shared his joy over SHIB’s price growth (+8.3%) over the past week. Bray encouraged the SHIB army to keep up the positive momentum and called for further action.

He too to plead SHIB enthusiasts tweet about the Shiba Inu throughout the day to generate continued excitement. Via Twitter he wrote:

Ok #shibarmi, let’s continue the lil pump from today. Tweet $shib and #SHIB all day long! Create some excitement. After all, thank god we’re not PEPE. They’ll never be on Robinhood.

Today Bray made a partial apology to PEPE holders: “Sorry $PEPE holders. No offense was intended. However, he justified his statement, explaining that he does not expect Robinhood to host another community token in the near future.” Is.

“So #shib has a huge market recovery advantage. $shib is on almost every exchange. I hope you all (PEPE) pump too,” wrote the North Carolina gubernatorial candidate.

Related Reading: Shiba Inu (SHIB) Burn Rates Dropped 87% in One Week

Bray already caused a stir last week when he announced via Twitter that he would buy a Shiba Inu (SHIB) with his next paycheck. According to Bray, “the traction that the Shiba Inu has achieved will never be regained”. Furthermore, Bray believes that those who have left the SHIB community will return because of Robinhood’s presence.

Trend Reversal Pending for Shiba Inu Price

Despite all the enthusiasm regarding SHIB’s recent rally, it should be pointed out that the price is still in a bearish trend. A look at the 1-day chart shows that SHIB is stuck in a descending trending channel since hitting a local high of $0.00001588 on February 4th this year.

Over the past four months, the Shiba Inu has failed to make higher highs while the price has made lower lows. SHIB is thus stuck in a descending trend channel. At the current price of $0.00000715, SHIB is trading in the mid-range of the trend channel. For now, breaking this level is important to start the push to the upside.

The following two scenarios are conceivable: If the Shiba Inu bulls manage to break above the mid-range, the 23.6% Fibonacci retracement level at $0.00000834 comes into focus. It is likely that SHIB will first experience a retracement before entering the price level.

The Fibonacci retracement level can then also be found at the upper end of the trend channel. This time will be crucial to start an uptrend. Then, all eyes will be on a fresh local high above $0.00000930.

In the second scenario, SHIB fails to break above the mid-range of the descending trend channel. In this case, SHIB may again cross the low of $0.000006. If the price also breaks below this level, Shiba Inu investors should prepare for a downside price discovery.

Back to the bullish side: If SHIB manages to break out of the descending trend channel in the coming weeks, the following target values ​​will be important: $0.0000098 (38.2% Fibonacci), $0.00001095 (50% Fibonacci) and $0.00001212 (61.8% Fibonacci). ).

Featured image from iStock, chart from TradingView.com