Shiba Inu (SHIBUSD) Converges In A Triangle Pattern As Selling Pressure Decreases
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SHIBUSD Analysis: Price Converges In A Triangle Pattern As Selling Pressure Decreases
SHIBUSD converges in a triangle pattern as the selling pressure decreases. The triangle pattern created was a result of the price’s response to the bullish order block around $0.00000780. While a bullish trend might ensue soon, the overall trend is still bullish, according to the MA Cross. The MA Period 18 needs to cross the MA Period 40 to the upside before a bullish environment can be confirmed.
SHIBUSD Significant Zones
Demand Zones: $0.00000780, $0.00000700
Supply Zones: $0.00001170, $0.00001590
Before the last bullish trend that began in 2023, SHIBUSD crashed in a zig-zag pattern into the discount zone. As soon as the demand zone of $0.00000780 was hit, the price consolidated for just one week as it rose aggressively upward. The rally was likely to be a result of the huge buy orders at the $0.00000780 demand zone. The bears panicked at the sight of the zone, allowing the bulls to seize control with such ease. SHIBUSD rallied, and the MA Cross signalled to buy alongside, thereby causing more bulls to take their chances.
Once reaching the $0.00001590 supply zone, a complete reversal occurred. The bears retook market control as the price returned from the bearish order block (-OB). During the crash, the diagonal support was broken on April 19, 2023. SHIBUSD kept sinking downward until it finally converged within the triangle pattern at a discount. According to the RSI (Relative Strength Index), Shiba Inu is now oversold. The price is thus likely to retrace or reverse from here.
Market Expectation
The selling momentum has decreased drastically on the four-hour chart. As SHIBUSD reacts to the daily bullish order block, a structural shift to the upside is expected. This will likely cause a breakout at the diagonal resistance across the lower highs.
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