Taking support from the short-term descending support trendline, Shiba Inu makes a comeback as the market stabilizes. With multiple lower price rejections, the bullish turnaround in SHIB price surpasses the overhead resistance trendline.
Further, the meme coin reclaims the 200-day EMA and cahllegnes the 50-day EMA with the intent to avoid a death cross event. On a positive note, our long-term Shiba Inu price prediction hints at a triumphant bull run for Shiba Inu in 2024.
Source: Tradingview
With the lower high trend formation in the daily chart, the SHIB price trend shows a downtrend, accounting for a drop of 19%. Further, the downtrend forms a falling wedge pattern as the pullback leads to two converging boundary lines.
As the market recovers, the Shiba Inu price trend finds an increase in bullish momentum following the lower price rejection from the support trendline. Further, the declining trend in trading volume during the pullback session finally finds an uptick.
Such reversal signals support the recent recovery and the intraday growth of % crossing above the overhead trendline. Considering the closing price sustains above the trendline, the bull run can ignite a strong recovery phase in the SHIB price.
Technical indicators:
MACD indicator: With the SHIB price on the verge of a bullish breakout, it brings a positive crossover in the MACD and signal lines. Considering the uptrend manages a breakout, the momentum indicator supports the trend reversal possibility.
Will SHIB Price Reclaim $0.000010?
As the bulls are starting to overtake trend control of the entire market, the meme coins are ready for a high speed upside move.
As per the above SHIB price analysis, the breakout will be crucial for the buyers to fuel the next run. In such a case, the breakout run can fuel the Shiba Inu price jump to the $0.000010 mark.
On the flip side, if the Shiba Inu coin price fails to reclaim the momentum, then it could tumble to $0.000008360.
