With A 16% Surge, SHIB Price Trend Ready For Uptrend!

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Written By Pinang Driod

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With the market bouncing back after a small bearish hiccup, the meme coins are preparing to refuel the massive uptrend. As the market-wide recovery witnesses a boost, SHIB price finds a strong footing for a bounce back. 

As the meme coin halts the ongoing correction, the sudden price jump hints at prolongin the prevailing uptrend. Hence, the chances of a bullish week for Shiba Inu is increasing significantly. So, will the Shiba prices reach $0.001 this year? Check out our long-term Shiba Inu price prediction that hints at a long-term bull run for Shiba Inu in 2024. 

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Following the drastic bearish turnaround from the $0.0004393 mark, the SHIB price quickly slides down, announcing a small pullback to market participants. With a 44% drop, the meme coin falls to the $0.000025 mark. 

The 15% drop on Saturday marked a crash in meme coin, leading to a huge bearish engulfing candle. However, the quick comeback from the buyers stronghold at $0.000025, led to a 16% intraday recovery on Sunday. 

With this, the meme coin forms a tweezer bottom pattern in the daily chart. Generally, this pattern leads to a bullish reversal at the end of a correction or a small pullback. Hence, the chances of a bounce back in SHIB price are growing. 

TradingView

In the 4H chart, the SHIB price showcases a falling channel pattern and challenges the weekly traditional pivot level. Considering the meme coin breaks above the resistance trendline, the sideline traders can find an early entry opportunity in the 4H chart. 

Technical indicators:

MACD indicator: In the 4H timeframe, the MACD and signal lines give a bullish crossover and signal a bullish turnaround. 

Will SHIB Price Reclaim $0.000010?

As the bulls are quickly regaining trend control, the SHIB price is ready to conclude the bearish phase. Further, the potential breakout rally of the bearish parallel channel can ignite the next bull run. 

As per the above Shiba Inu price analysis, the pivot points indicate the next resistances at $0.00004090 and $0.00004668. 

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