Is SHIB Preparing Another Bullish Rally Like Last October? 

With the 33% jump on 14th August to reach the 200-day SMA near $0.000018, but sharply reverted after to retest the broken supply zone at $0.000013. However, the post-retest reversal in the daily chart projects the possibility of a bull run. So, will the retest reversal drive the Shiba Inu market price higher like last year's bull run?

Key Points:

Source - Tradingview

SHIB Technical Analysis

As mentioned in our previous analysis, the SHIB prices give a tremendous bullish breakout of an ascending triangle in the daily chart. However, the prices quickly returned to retest the broken resistance.

The correction phase during the retest accounts for a 27% drop from the 200-day SMA. But the buyers successfully displayed a post-retest reversal with a 6.66% growth yesterday. The daily candle with a 5% drop undermines the previous bullish candle, but the lack of volume support increases the reversal possibility.

If the uptrend sustains above the $0.000013 mark, the SHIB prices may surge to the 200-day SMA at the $0.000018 mark. Furthermore, if the buying pressure breaks the SMA, the unleashed bullish momentum will shoot the prices to the psychological mark of $0.000020.

On a contrary note, a downfall below $0.000013 will nullify the bullish thesis and result in a fall to the 100-day SMA at the $0.000011 mark.

Technical Indicators

Amid the recent reversal rally, the RSI slope wavers near the halfway line but below 14-day SMA, reflecting a weak but bullish sentiment on the rise. Despite a declining trend, the fast and slow lines maintain in the positive territory, but the decreasing bearish gap teases a crossover.

Hence the technical indicators reflect a bullish trend possibility in SHIB prices.

Resistance Levels: $0.000015 and $0.000018

Support Levels: $0.000013 and $0.000011