Shiba Inu (SHIBUSD) Makes Modest Gains Despite Lingering Bearish Sentiment
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SHIBUSD Analysis: Price Reluctantly Heads Upward As The Bears’ Presence Remains
SHIBUSD reluctantly heads upward as the bears’ presence remains. The bears’ presence in the market has caused a continuous decline in price since February 2023. Since the inception of the downtrend, the price has barely made an impressive correction. However, the ongoing correction phase is becoming the longest correction phase since the beginning of the downtrend.
SHIBUSD Significant Zones
Demand Zones: $0.00000600, $0.00000400
Supply Zones: $0.00000850, $0.00001600
From the $0.00001600 price level, SHIBUSD began a new trend directed to the downside. The market went down and crashed into a triangle shape. The correction phase lasted a month as prices ranged within the triangle pattern from March 16 to April 19, 2023. On April 19, 2023, the Moving Average passed through by the price. This indicated that the sellers have returned to the market, as more sell orders caused a further crash. Before the crash after the correction, the MACD (Moving Average Convergence Divergence) was heading upward.
However, the market’s order flow became bearish as the MACD indicator returned downward after hitting the zero line. Between May 7 and June 5, 2023, another correction phase occurred. The correction phase this time around is characterized by consolidation. This happened because the buying pressure was not enough to instigate a swing low. The crash continued until the ongoing correction phase began. SHIBUSD is heading upward, though reluctantly, into the $0.00000850 supply zone.
Market Expectation
On the four-hour chart, SHIBUSD is bullish as it rises alongside a rising trendline. However, as the price continues upward into the premium zone, the occurrence of a massive crash is highly probable.
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