Shiba Inu (SHIBUSD) Consolidates at Discount as Selling Pressure Eases
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SHIBUSD Analysis: Price Consolidates at Discount as the Selling Pressure Decreases
SHIBUSD consolidates at the discount as the selling pressure decreases. The market has been oversold for a while now, according to the RSI (Relative Strength Index). The price crashed algorithmically from the six-month high into the bullish order block. This bullish order block happened to be in a discount zone. Therefore, a significant retracement or a total reversal is probable anytime soon.
SHIBUSD Significant Zones
Demand Zones: $0.0000077900, $0.000007120
Supply Zones: $0.000011880, $0.000015900
About six months ago, SHIBUSD was in a bearish trend as selling pressure overwhelmed the market. Algorithmically, SHIBUSD descended as it formed lower highs and lower lows. On November 22, 2022, a short-term low formed at the $0.000008170 price level. Conversely, a short-term high formed at the $0.000010160 price level. The short-term low of $0.000008170 broke five days before the year 2023 began. The price hit the $0.000007120 support with two bearish candlesticks before moving upward.
The two bearish candlesticks constituted the bullish order block the market returned to. The price swerved upward immediately after hitting the 000007120 support level. This bullish expansion continued until the six-month high formed. Following a bearish divergence indication by the RSI (Relative Strength Index), the price returned downward, and a falling trendline emerged. The market’s environment now is bearish. However, SHIBUSD is now in the bullish order block. The reaction at the bullish order block is causing prices to consolidate as buy orders accumulate.
Market Expectation
A sell-side liquidity grab just occurred on the four-hour chart. This occurred as SHIBUSD broke the previous low of $0.000008350 and pulled back upward. Owing to the buying pressure at discount, the price is expected to keep rallying until hitting the falling trendline.
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