Shiba Inu (SHIBUSD) Recovers from Discount Zone as Bearish Momentum Subsides
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SHIBUSD Analysis: Market Retraces From The Discount Zone As The Bearish Momentum Decreases
SHIBUSD retraces from the discount zone as the bearish momentum decreases. The ceaseless crash into the discount zone led to a decline in selling momentum. This was a result of the bulls’ presence as they found their way into the market. However, considering the Breaker Block (BB) is at a premium, the ongoing retracement is likely to end soon.
SHIBUSD Significant Zones
Demand Zones: $0.00000700, $0.00000600
Supply Zones: $0.00001190, $0.00001590
The swing low formed below the $0.00001190 resistance and brought the price rapidly upward. The rapid expansion continued until a higher high formed at $0.00001590. After the formation of the major high, a bearish move followed. The year’s high is the $0.00001590 major high, which was followed by the immediate lower high of $0.00001400. Consequently, due to the formation of the lower high, SHIBUSD crashed massively. This massive crash led to a structural shift as the market turned bearish.
After the Market Structure Shift (MSS), the overall trend of SHIBUSD has been bearish. According to the MA Cross, the bears were not in the market until the third quarter of the year. On August 12, 2023, a retraction to the downside occurred as the price failed to invalidate a daily bearish order block. The order block formed in April 2023 as prices massively crashed into the discount zone after the market structure shift. An upward retracement is currently ongoing at the discount; however, SHIBUSD might resume its downtrend at the premium.
Market Expectation
On the four-hour chart, the market’s trading range is defined by the $0.00001130 high and the $0.00000730 low. Following the recent market structure shift, SHIBUSD has been bearish. As the price retraces upward, a continuation of the downtrend is likely at the four-hour Fair Value Gap (FVG).
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