Shiba Inu (SHIBUSD) Bearish Trend Continues as Price Breaks the Diagonal Support
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SHIBUSD Analysis: The Bearish Trend Continues As Price Breaks The Diagonal Support
SHIBUSD bearish trend continues as the price breaks the diagonal support. Within the current trading range, the price is heading into the discount zone. The current trading range is bounded by the $0.00001590 supply level and the $0.000007790 demand level.
SHIBUSD Significant Zones
Demand Zones: $0.000009640, 0.000007790
Supply Zones: $0.000014000, $0.00001590
Following the trend reversal since late October 2022, the market’s environment changed to a bearish one. A breakout and retest happened in November and December 2022, respectively. This further brought the price to the downside and into an oversold state, according to the Stochastic Oscillator. Diagonal support arose as the year 2023 began with a new trend in the upward direction. A bullish order block was created at $0.000009050 as the uptrend began its course. The uptrend did not end until the $0.00001590 supply level was reached.
A short-term rally occurred after the price hit the diagonal support a second time. Before the rally along the diagonal support, the price was declining massively from the $0.000014000 supply zone. The decline from the $0.000014000 supply zone invalidated the previous lows at $0.000011710 and $0.000010880 levels. The diagonal support was finally broken as the market experienced an influx of sell orders from the $0.000011880 swing high. According to the Moving Average, the market is now bearish. However, a reversal might occur as SHIBUSD returns to the daily bullish order block.
Market Expectation
After buy-side liquidity grabs above the $0.00001170 price level, SHIBUSD dived downward. A shift in market structure ensued afterward, which led to a decline that eventually broke the diagonal support. As the bearish trend continues, SHIBUSD is expected to retrace upward into the four-hour Fair Value Gap.
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