Shiba Inu (SHIBUSD) Approaches Target As Buyers Set Entry At Demand Zone
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SHIBUSD: Price Approaches Target As Buyers Set Entry at Demand Zone
SHIBUSD approaches its target as buyers set entry at the demand zone of $0.00000960. However, the bullish phase will only last for a short time. This is due to the apparent trend of the market on the daily chart. On the daily chart, the price is in a bearish environment. Therefore, a rejection at the demand zone might not be sufficient to flip the overall trend to the upside.
SHIBUSD Significant Zones
Demand Zones: $0.00000960, $0.00000780
Supply Zones: $0.00001190, $0.00001590
Until 2023 began, the market’s overall trend was bearish due to the swing high created at the $0.00001520 price level. Throughout the rest of the year 2022, the market’s trading range extended into the $0.00000780 demand zone. As SHIBUSD approached the final target in favor of the bears, another swing high formed at the $0.00001020 price level.
Two days before the end of the year, the price bounced off the $0.00000780 demand zone. The bounce gave rise to the swing low, which is the six-month low. The exit of the bears and the influx of buy orders at the $0.00000780 demand zone led to a drastic rally. The rally was quite energetic but lasted only a few weeks. The ongoing downtrend began after a liquidity grab above the swing high of $0.00001520. As SHIBUSD approaches the $0.00000960 level, the price will retrace at the demand zone.
Market Expectation
On the four-hour chart, a market structure shift occurred on April 19, 2023. Since then, the market trend has been bearish despite the bulls’ struggle. As the price approaches the $0.00000960 demand zone, SHIBUSD might flip bullish on the four-hour chart.
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