<em><strong>SHIB prices retest the broken $0.000013 mark and prepare for a bullish rally to reclaim buyers' dominance over higher levels in the coming months. </strong></em>

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 <a href="https://www.cryptoknowmics.com/news/shiba-inu-revealed-the-name-of-a-much-anticipated-video-game-project/" target="_blank" rel="noopener">Shiba Inu</a> market price higher like last year's bull run?
<h3>Key Points:</h3>
<ul>
 	<li>The SHIB prices action displays a bullish reversal after retesting the $0.000013 zone.</li>
 	<li>The 50 and 100-day SMAs gain bullish spread after the recent crossover.</li>
 	<li>With a market cap of $7.24 billion, the intraday trading volume of Shiba Inu has increased by 49% to reach $866 million.</li>
</ul>
<img src="https://s3.tradingview.com/snapshots/1/1YCeZLrQ.png" alt="TradingView Chart" />

Source - <a href="https://www.tradingview.com/x/1YCeZLrQ/" target="_blank" rel="nofollow noopener">Tradingview</a>
<h2>SHIB Technical Analysis</h2>
As mentioned in our <a href="https://www.cryptoknowmics.com/news/shib-technical-analysis-shiba-buyers-see-a-light-at-the-end" target="_blank" rel="noopener">previous analysis</a>, 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.
<h2>Technical Indicators</h2>
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

Is SHIB Preparing Another Bullish Rally Like Last October? 

SHIB prices retest the broken $0.000013 mark and prepare for a bullish rally to reclaim buyers’ dominance over higher levels in the coming months. 

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

Is SHIB Preparing Another Bullish Rally Like Last October?

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