After breaking a prominent weekly resistance trend line, SHIB price moved slightly above the $0.00001025 level. However, indirect supply power will quickly lead to a retest phase in the first week of January 2024.
Shiba Inu, facing a possible bullish failure due to the overall market decline, stands on a pivotal trend at a critical point in 2024. The positive thing is that our long-term Shiba Inu price prediction suggests a successful bull market for meme coins in 2024.
On the weekly chart, the mass breakout trend undergoes a U-turn and loses control over the $0.000010 psychological milestone. However, due to the ongoing retest, SHIB price is down 5% this week with a long tail forming, reflecting low levels of active demand.
Additionally, the decline in trading volume following the retest phase suggests a lack of bearish confidence. Therefore, the possibility of a reversal regaining bullish momentum after a retest is noteworthy in Shiba Inu.
SHIB price is currently trading at $0.00000981, slightly below the psychological baseline. However, the weekly decline warns of a bearish outcome.
Technical indicators:
MACD indicator: As the retest phase progresses, SHIB price has a negative impact on MACD and signal line. The average line loses its bullish trend and enters a lateral move, and the histogram warns of a bearish crossover as it decreases.
RSI indicator: The downward trend of the daily RSI line reverses at the overbought boundary, reflecting the loss of buying pressure. Therefore, momentum indicators are warning investors about a loss of interest.
Will SHIB price regain $0.000010?
As the market loses momentum, bulls lose ground, and a failed retest phase signals a bearish decline. Moreover, in times like these, many meme coins are falling below critical levels.
For Shiba Inu, a retest is important for buyers to stay above $0.000010, based on the SHIB price action analysis above. In this case, a reversal could lead the upward trend towards the next resistance levels of $0.0000125 and $0.000015.
Conversely, if the Shiba Inu coin price does not recover $0.000010, it may fall to $0.000008360.