Following the breakout of the prominent weekly resistance trendline, the SHIB price takes a short stroll above the $0.00001025 level. However, the overhead supply force quickly leads to a retest phase in the first week of January 2024.
With a possibility of a bullish failure due to the market-wide fall, Shiba Inu stands at a pivotal trend for the 2024 decisive point. On a positive note, our long-term Shiba Inu price prediction hints at a triumphant bull run for meme coins in 2024.
In the weekly chart, the high volume breakout trend takes a U-turn and loses dominance over the $0.000010 psychological milestone. However, the ongoing retest leads to a 5% drop in SHIB price this week with a long-tail formation, reflecting active demand at lower levels.
Further, the lack of bearish faith is evident in the declining trading volume accompanying the retest phase. Hence, the chances of a post-retest reversal regaining bullish momentum is notable in Shiba Inu.
Currently, the SHIB price trades at $0.00000981, slightly below the psychological mark. However, the weekly fall warns of a bearish outcome.
Technical indicators:
MACD indicator: With the retest phase in motion, the SHIB price brings a negative impact on the MACD and signal lines. The average line loses its bullish trend to enter a lateral shift and warns of a bearish crossover as the histograms decline.
RSI Indicator: The declining trend in the daily RSI line takes a reversal from the overbought boundary and reflects a loss in buying pressure. Hence, the momentum indicators are warning a loss in the interest of investors.
Will SHIB Price Reclaim $0.000010?
The bulls lose their footing with the market losing momentum, teasing a bearish fall if the retest phase fails. Further, the multiple meme coins are crashing under their critical levels at a time like this.
For Shiba Inu, as per the above SHIB price action analysis, the retest will be crucial for the buyers to sustain above the $0.000010 mark. In such a case, the reversal can lead the uptrend to the next resistance levels at $0.0000125 and $0.000015.
On the flip side, if the Shiba Inu coin price fails to reclaim $0.000010, then it could tumble to $0.000008360.
