Shiba Inu (SHIBUSD) Resumes Its Bullish Trend After A Short-Term Retracement To $0.00000880
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SHIBUSD Analysis: The Market Resumes Its Bullish Trend After A Short-Term Retracement To $0.00000880
SHIBUSD resumes its bullish trend after a short-term retracement to the $0.00000880 price level. The overall bullish trend began after the MSS (Market Structure Shift) to the upside. Following the market structure shift, SHIBUSD retraced downward to hit the rising trendline. Since then, Shiba Inu has been appreciating.
SHIBUSD Significant Zones
Demand Zones: $0.00000850, $0.00000710
Supply Zones: $0.00001050, $0.00001200
According to the MA Cross in March 2023, the market became bearish after the previous $0.000001200 support failed. A bearish cross was made as the price headed to form a new low at $0.00000960. Also, following the sell signal made by the MACD (Moving Average Convergence Divergence), the market became bearish for a long time. The MACD indicator remained under the zero line for over four months before making a bullish cross to the upside. Following the formation of the low at $0.00000960, SHIBUSD expanded upward.
The bullish expansion happened to be a retracement, which led to the formation of a lower high. The lower high formed at $0.00001180 as March 2023 came to an end. The market continued its bearish trend afterward. As the bearish trend continued, an FVG (Fair Value Gap) formed just above the $0.00001100 price level. Also, just below the $0.00001050 resistance, a bearish order block formed as the downtrend continued. On August 6, 2023, SHIBUSD retraced as the price returned to the bearish order block. However, the market has flipped bullish again as it now heads upward to fill the Fair Value Gap.
Market Expectation
The market is bullish on the four-hour chart. Following the decline in the FVG in August, SHIBUSD has been rapidly appreciating. After the price’s return from the breaker block, SHIBUSD is expected to remain bullish until the daily FVG is reached.
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