Shiba Inu recorded a sharp retracement after stalling above May high. Should you buy the pullback?
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.Open Interest rates increased, too, over the weekend.extended its bullish streak over the weekend . The memecoin posted extra +25% gains between 4-5 August and forayed above the May high of $0.00001020. But it recorded a sharp retracement on Sunday and could give bulls another long opportunity if the uptrend stays on course.
SHIB chalked a sharp retracement near the weekly bearish order block of $0.00001050 – $0.00001089 . Besides, the weekend upswing left a price imbalance and FVG at $0.00000886 – $0.00000938 . The first and conservative approach is longing upon a retest of the $0.00000965, targeting $0.00001188. Secondly, longing upon retest above the confluence area, at $0.00000940, with take-profit at the recent high .
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