Shiba Inu (SHIBUSD) Dives Deep as the Bulls Await Discount
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SHIBUSD Analysis: Price Drops Deeper As Bulls Prepare To Buy At A Discount
SHIBUSD dives deeper as the bulls get ready to buy at a discount. While the bears have been in control of the market since the creation of the swing high at $0.000015900, the overall market trend remains bullish. This is because the 0.000007790 swing low remains intact.
SHIBUSD Significant Zones
Supply Zones: $0.000030000, $0.000017940
Demand Zones: $0.000009240, $0.000007790
After the rejection of the price at $0.000007790, the market’s structure was shifted upward in favor of the bulls. The market is conducting a retracement to the downside, according to the MA Cross. Yet, as SHIBUSD plunges into the discount, a continuation of the general upswing is about to happen. According to the Relative Strength Index (RSI), sellers are currently in control of the market. The price may have to exit the discount if the RSI dips below the 20.0 level, thereby forcing sellers to take profits or panic out.
The market is characterized by breaks of structures to the downside on the daily chart. Towards the end of October 2022, the price rallied into the premium to take the stop losses of most SHIBUSD sellers. Following the buy-side liquidity grab, the market crashed aggressively against the bulls until the $0.000007790 support was reached. As of now, the market is ranging between the previous high at 0.000015900 and the long-term low at the $0.000007790 support. A reversal at either the 62.0% or 79.0% retracement level might occur due to the overall trend of the market.
Market Expectation
SHIBUSD has been bearish on the four-hour chart ever since the reaction toward the bearish order block on February 16, 2023. The diagonal resistance currently resisting the price’s upward flow is expected to get broken after the sell-side liquidity below the previous low is grabbed.
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