Shiba Inu (SHIBUSD) Jerks Upward As Price Reacts Vehemently To $0.00000600 Support
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SHIBUSD Analysis: Market Jerks Upward As Price Reacts Vehemently To $0.00000600 Support
SHIBUSD jerks upward as the price reacts vehemently to the $0.00000600 support. Despite the market downtrend, the bulls stormed the market at major support. The major support at $0.00000600, formed the swing low as the price met overwhelming buying pressure.
SHIBUSD Significant Zones
Demand Zones: $0.00000600, $0.00000400
Supply Zones: $0.00001200, $0.00001600
The bearish trend has been the overall trend since the beginning of the second month of this year. This was after the market structure shift happened a few pips below the $0.00001200 price level. SHIBUSD dived downward from the $0.00001200 resistance towards an emerging falling trendline. Before the dive, the RSI (Relative Strength Index) indicated that SHIBUSD was overbought. As a result, the dive happened in a bid to change the market’s environment from an upward trend. During the upward trend, an intermittent-term low formed at $0.00000780.
The intermittent-term low was invalidated on June 10, 2023, after a long period of consolidation. Following the (MSS) Market Structure Shift at $0.00001170, a (BMS) Break Of Market Structure occurred to the downside. The break in market structure was orchestrated to confirm the new bearish order flow. As SHIBUSD continued downward, a relatively equal low was created at $0.00000840 just before the $0.00000780 intermittent-term high was invalidated. Currently, the market’s trading range on the daily chart lies between $0.00000920 and $0.00000600 price levels.
Market Expectation
The MSS at $0.00000750 and the retest at the bullish order block confirmed the bullish trend on the four-hour chart. SHIBUSD will likely keep expanding upward until it reaches the falling trendline at the premium zone.
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