Shiba Inu (SHIBUSD) Anticipates a Bullish Reversal
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Price Analysis: SHIBUSD Experiences a Bearish Decline Amidst the Ongoing Bullish Trend
SHIBUSD has shown significant structural shifts and momentum changes since late September 2024. After consolidating at the $0.00001360 price level, a bullish trend emerged, signaling a pivotal change in price action. This shift in structure was further validated by a break in structure, as the price entered a strong bullish wave.
Shiba Inu Key Levels
Demand Levels: $0.00001900, $0.00001360
Supply Levels: $0.00002790, $0.00003330
The upward momentum drove the price to breach the $0.00002790 level, continuing its ascent toward the $0.00003330 resistance level. Upon reaching $0.00003330, however, the bullish trend encountered a bearish reaction, marking a notable decline in price momentum. The ensuing bearish phase drove the price below $0.00002790, approaching the daily order block while clearing liquidity along the way.
The daily order block, combined with the $0.00001900 demand level, acted as a critical support zone. This confluence of factors triggered a resurgence of bullish momentum, driving a partial recovery in price. Despite this recovery, a closer analysis on the 4-hour timeframe reveals a continuation of the bearish retracement. The 4-hour Moving Average indicates a bearish signal, as the price remains below this indicator.
Despite the short-term bearish trend, the overall daily bias remains bullish. The current retracement is likely a temporary pullback within the broader bullish framework. Supporting this view, the daily Relative Strength Index (RSI) shows the price nearing the oversold region, suggesting a potential recovery in bullish momentum. If this scenario materializes, it could pave the way for a renewed bullish trend.
Market Expectation
The ongoing pullback is expected to conclude as the daily RSI strengthens, hinting at renewed buying pressure. A bullish resurgence could lead the price to retest the $0.00002790 and potentially breach the $0.00003330 resistance level.
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