With a sudden 16% surge in price, Shiba Inu experiences a halt in the ongoing correction, suggesting a potential continuation of the uptrend. This surge sparks expectations for a bullish week ahead, with speculation surrounding the possibility of reaching $0.001 this year. Let’s delve into recent price movements and analyze Shiba Inu’s long-term trajectory in 2024.
Bearish Turnaround and Pullback
Following a significant bearish turnaround from the $0.0004393 mark, SHIB quickly slides down, signaling a small pullback to market participants.
Source: TradingView
The meme coin experiences a 44% drop, plummeting to the $0.000025 mark, eliciting concerns among investors.
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A 15% drop on Saturday triggers a crash in the meme coin market, characterized by a substantial bearish engulfing candle. However, buyers swiftly rally around the stronghold at $0.000025, leading to an impressive 16% intraday recovery on Sunday.
Formation of Tweezer Bottom Pattern
In the daily chart, the meme coin forms a tweezer bottom pattern, a signal often associated with a bullish reversal following a correction or pullback. This pattern suggests growing chances of a bounce-back in SHIB price, instilling optimism among traders.
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Examining the 4-hour chart, SHIB price displays a falling channel pattern and confronts the weekly traditional pivot level. Should the meme coin break above the resistance trendline, sideline traders may identify an early entry opportunity in the 4-hour chart, anticipating a potential uptrend.
Technical Indicators Analysis
Examining technical indicators, the MACD in the 4-hour timeframe shows a bullish crossover between its lines, signaling a potential turnaround. With bulls regaining control, SHIB price seems poised to exit the bearish phase, possibly igniting the next bull run with a breakout rally from the parallel channel.
Based on the Shiba Inu price analysis provided above, pivot points indicate the next resistance levels at $0.00004090 and $0.00004668. As investors await further developments, the market anticipates whether Shiba Inu will sustain its upward momentum and potentially reach the coveted $0.001 mark by the year’s end.
