Shiba Inu (SHIBUSD) Anticipates a Bearish Retracement
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Price Analysis: SHIBUSD Experiences a Bullish Market Shift and Anticipates a Potential Bearish Retracement
Shiba Inu (SHIBUSD) recently experienced a significant bullish move, shifting the overall market bias to bullish. This development follows a prior bearish trend, where the price breached the $0.00001840 level and continued its downward trajectory, approaching the $0.00001090 level. However, as the price neared $0.00001090, a reversal occurred, initiating a bullish rally.
Shiba Inu Key Levels
Demand Levels: $0.00002740, $0.00003220
Supply Levels: $0.00001840, $0.00001090
The reversal marked a critical shift in the market structure, transitioning from bearish to bullish. The shift was further confirmed when the price broke the market structure again with a robust bullish candle, climbing to $0.00002740 and slightly breaching this level before a bearish move temporarily emerged.
On the 4-hour timeframe, a failed high formation indicates the possibility of a bearish retracement. This potential retracement is supported by the Relative Strength Index (RSI) in the same timeframe, which shows a decline in momentum. Additionally, the daily Moving Average (MA) suggests that the price is retreating from an overbought region, further signaling the likelihood of a bearish pullback.
Market Expectation
Despite the anticipated retracement, the overall trend remains bullish. The daily Moving Average reinforces this bullish stance as the price continues to trade above the indicator, confirming the underlying upward momentum. The retracement is expected to find support at a daily order block, potentially serving as a launch point for the next bullish move.
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