Shiba Inu (SHIBUSD) Rises as Price Enters a Bullish Order Block
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SHIBUSD Analysis: Market Sets to Continue Upward as Price Enters a Bullish Order Block
SHIBUSD sets to continue upward as price enters a bullish order block. Following the change in character to the upside since January 2023, the market’s order flow has been bullish. A retracement is currently ongoing downward; however, it might not go below the $0.000010180 price level.
SHIBUSD Significant Zones
Demand Zones: $0.000009240, $0.000007790
Supply Zones: $0.000017940, $0.000030000
Due to the bullish order block hanging just below the current price level, the downward retracement might end soon. From the decline in SHIBUSD at the $0.000017940 price level, the market was in a typical downtrend. This downtrend continued even as the price broke the $0.000009240 support. However, owing to the buying pressure in the discount zone, the price bounced off the $0.000007790 support and surged upward. The aggressive rally led to a change of character, which flipped the bearish environment into a bullish environment.
On October 29, 2022, the price shot up until it reached $0.000015180, clearing the buy-side liquidity above the prior peaks. More sell orders were completed when the price fell further as a result of the buy-side liquidity grab above the highs. SHIBUSD has been moving upward since the market’s environment changed to an uptrend. The market is currently in a retracement phase, but as the price moves into a bullish order block, the pullback is anticipated to come to an end soon. Before the uptrend continues, the previous low made at $0.000010880 might get broken as the price moves into the bullish order block.
Market Expectation
On the four-hour chart, SHIBUSD is heading downward along a falling trendline. When the price resumes its upward trend, the falling trendline is expected to get broken.
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