Shiba Inu (SHIBUSD) Consolidates at $0.00000780 Demand Zone
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SHIBUSD Analysis: The Market Begins Consolidation As the Price Hits the Demand Zone of $0.00000780
SHIBUSD begins consolidation as the price hits the demand zone of $0.00000780. The market has converged into a consolidation phase due to the price reaching the demand zone of $0.00000780. At the same time, the RSI (Relative Strength Index) also shows that the market is extremely oversold. This is indicated as the price fluctuates around the 30.0 level.
SHIBUSD Significant Zones
Demand Zones: $0.00000780, $0.00000700
Supply Zones: $0.00001170, $0.00001590
The overall bearish trend emerged after a long period of overbought conditions. The RSI has indicated that the market has been bullish since the second week of January 2023. SHIBUSD remained bullish until it reached the price level of $0.00001590, after which it experienced an explosive crash to the downside. At the $0.0001170 price level, a brief retracement occurred, ending in a massive crash, which resulted in a downward Change Of Character (CHOCH).
Since the change of character to the downside, SHIBUSD has been bearish. Another retracement to the upside occurred, after which the selling pressure from the falling trendline caused another sell-off. An FVG (Fair Value Gap) formed as the market maintained its downtrend. The downtrend is ongoing even as the price remains around the demand zone of $0.00000780. However, an upward retracement is impending; this might break the previous high into the FVG above the current price level.
Market Expectation
On the four-hour chart, the downtrend seems to be consolidating as the selling momentum wanes. A rally to the upside will likely invalidate the previous highs of SHIBUSD until reaching the daily FVG.
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