Overcoming the bearish vibe leading to a flash pullback in the overall market, the bulls regain control as we move ahead. With Bitcoin making a morning star pattern with a 3.45% jump this Wednesday, the meme coins like the SHIB price, find a refueling moment.
A similar morning star in the Shiba Inu daily chart reflects the buyers making a comeback and leading to a 5.85% jump within the last 48 hours. Hence, the Shiba Inu price prediction hints at a successful bull run for meme coin to enter 2024 on a positive note.
In the weekly chart, the rise in trading volume supports the second comeback of the SHIB price from $0.00000651. Currently, the bull run challenges the overhead neckline of the double bottom at $0.00001025 mark and eyes a breakout rally.
With the buyers preparing to prolong the uptrend journey for Shiba Inu, the overnight price jump of 2.40% fueling the intraday growth of 3.57% today signals a breakout possibility. Further, the bullish comeback leads to a long-tail candle in the weekly chart taking support from the 50-week EMA. This increases the bullish sentiments for the meme coin in the weekly chart.
Currently, the SHIB price trades at $0.00001014, slightly above the psychological mark but the strong momentum supports the uptrend. Further, the long tails in the morning star candles and the rise in trading volume predict a high breakout possibility.
Technical indicators:
MACD indicator: With the bullish histograms regaining intensity, the MACD and signal lines return to the positive track. Thus, the momentum indicator signals an upturned continuation which may soon lead to a bullish break.
With the market regaining momentum, the bears lose their footing, teasing a smooth bullish sailing to overhead levels. Further, the meme coins are ready for a trend reversal as the prices approach crucial levels.
As per the above price action analysis, multiple bullish signals tease a prolonged uptrend for the meme coin. Hence, the chances of a SHIB price sustaining above the $0.000010 mark are increasing significantly. Therefore, the breakout of $0.00001026 will be crucial for the uptrend to move ahead. The next resistance levels are at $0.0000125 and $0.000015.
On the flip side, if the Shiba Inu coin price falls under $0.000010, then it could tumble to $0.000008360.
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