Shiba Inu (SHIBUSD) Sets To Decline As Price Faces Downward

SHIBUSD Analysis: Market Sets To Decline As Price Faces Downward

SHIBUSD is set to decline as the price faces downward. Following the formation of the head-and-shoulders pattern, the price faced downward as it sought to break the neckline. The ongoing direction is a downward trend, and the price might invalidate all support until the premium is reached.

SHIBUSD Significant Zones
Demand Zones: $0.00000960, $0.00000780
Supply Zones: $0.00001400, $0.00001590

The market’s order flow has been bearish since the false breakout and retest of the $0.00001400 resistance. SHIBUSD continued downward until it converged into the head and shoulders pattern. As of now, prices range between the $0.00001590 and the $0.00000960 price levels. Due to the buying pressure from the $0.00000960, the price surged to complete the head and shoulders pattern. A breakout from the neckline of the head and shoulder pattern is anticipated to lead the market into the discount zone.

The last bearish move before the ongoing one was concluded after a retest at the $0.00000960 price level. While the price was making an aggressive move to the upside, a daily bullish order block was created on January 11, 2023. SHIBUSD crossed the Moving Average to the upside as the bulls kept storming the market with their buy orders. On January 25, 2023, the price corrected to the downside. After the correction, the uptrend resumed as the price of Shiba Inu kept rising aggressively. There was a breach on the $0.00001400 resistance; however, the price dived downward due to the selling pressure at the level.

Market Expectation

The order flow of the market on the four-hour chart is bullish. However, the price might fail to break the high created around the $0.00001180 level due to the selling pressure from the order block. SHIBUSD is expected to dive lower as the $0.00001020 low gets broken.