Shiba Inu (SHIBUSD) Buyers Eye Long Opportunities in Correction Phase
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SHIBUSD Analysis: Buyers Seek Long Opportunities in the Ongoing Correction Phase
SHIBUSD buyers seek opportunities in the ongoing correction phase. The price is currently undergoing a correction after a long period of downturn. The ongoing correction phase is the second major retracement since the inception of the downtrend. Owing to the bullish order block around the $0.00000650 price zone, the retracement will likely continue.
SHIBUSD Significant Zones
Demand Zones: $0.00000600, $0.00000400
Supply Zones: $0.00000780, $0.00001600
The inception of the downturn began as the major rally that extended into the beginning of the year ended. Following the rally’s conclusion, the buying momentum ended, and SHIBUSD buyers exited the market. A major reason for the sudden end of the rally was likely due to the indication of the RSI (Relative Strength Index). The indication showed that Shiba Inu tokens have been overbought with just a few sellers left.
As the first week of February 2023 ended, an inside-bar candlestick formed. The inside bar candlestick denotes the rally’s conclusion as the buyers suddenly rushed out of the market. Since then, SHIBUSD has been bearish within two transversal lines acting as major support and resistance. The market is currently in its fourth impulse swing, making its second major upward correction since the downturn began. As the upward correction continues, it is likely to end once the diagonal resistance is hit.
Market Expectation
It is projected that an inducement will happen below the previous low of $0.00000 on the four-hour chart. Once this inducement leads to the oversold region, it is anticipated that SHIBUSD will undergo a bullish expansion.
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