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Friday, January 5, 2024

January 04, 2024 at 11:35PM IS SHIB READY FOR A REVERSAL RALLY?



SHIB Retest Phase: SHIB is currently undergoing a retest phase of a recently broken weekly resistance trendline.
Potential for a Bounce Back: A long-tail candle in the weekly chart suggests a possible bounce back in the upcoming week.
Upside Target: If successful, the post-retest reversal could propel SHIB's price to around $0.00002145.
Recent Breakout Reversal: SHIB price briefly surpassed the $0.00001025 level but faced a pullback due to market-wide declines.
Weekly Chart Observations: The weekly volume indicates a high-volume breakout followed by a downturn with a 5% weekly drop.
Active Demand at Lower Levels: The long-tail formation hints at buying interest at lower price levels.
Current Trading Price: SHIB is trading slightly below the crucial $0.000010 mark, at about $0.00000981.
Technical Indicator - MACD: The MACD indicates a shift from bullish to potentially bearish, with declining histograms.
Technical Indicator - RSI: The RSI shows a decrease in buying pressure, suggesting waning investor interest.
Market Influence: The overall crypto market trend could heavily influence SHIB’s price movement.
Critical Retest Outcome: The outcome of the retest phase will be pivotal for SHIB's short-term price direction.
Potential Downside Risk: Failure to reclaim $0.000010 could lead to further decline, potentially down to $0.000008360.

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