Shiba

2024

Edge

Shiba Inu

The post <a href="https://coinpedia.org/price-analysis/shib-price-analysis-shiba-inu-price-teeters-on-the-edge-will-the-bulls-save-the-memecoin/">SHIB Price Analysis : Shiba Inu Price Teeters on the Edge – Will the Bulls Save The Memecoin?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
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 <a href="https://coinpedia.org/price-prediction/shiba-inu-price-prediction/">Shiba Inu price prediction</a> hints at a triumphant bull run for meme coins in 2024.&nbsp; 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/knMBSbZffs3VakmmYvfh0c1rOTJ0PVKPZKxHmiPjCgpBFG0LuOLCTVLLHfXeQRcvW8DdDr4DSvuo_g_QT4q26IomiY09iCh4X22CZlTNDxWiOnvtswfZ3MNVuzaVhRbDyi9FHVbMt6_sCDqNajOffHE" alt="">
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 Source: <a href="https://www.tradingview.com/x/6kCc67ew/">Tradingview</a>
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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.&nbsp; 
Currently, the SHIB price trades at $0.00000981, slightly below the psychological mark. However, the weekly fall warns of a bearish outcome.&nbsp;&nbsp; 
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.&nbsp; 
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.&nbsp; 
<h2 class="wp-block-heading" id="h-will-shib-price-reclaim-0-000010">Will SHIB Price Reclaim $0.000010?</h2> 
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.&nbsp; 
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.&nbsp; 
On the flip side, if the Shiba Inu coin price fails to reclaim $0.000010, then it could tumble to $0.000008360.

SHIB Price Analysis : Shiba Inu Price Teeters on the Edge – Will the Bulls Save The Memecoin?

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