Shiba Inu (SHIBUSD) Overall Outlook Remains Bearish As The Consolidation Phase Ends
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SHIBUSD Analysis: The Overall Outlook Remains Bearish As The Consolidation Phase Ends
The overall outlook for SHIBUSD remains bearish as the consolidation phase ends. SHIBUSD has been bearish since the failure of the price to creating a higher high above the $0.000015900 price level. The Moving Average swerved to the downside as the price dived downward following the failure swing.
SHIBUSD Significant Zones
Demand Zones: $0.000009640, $0.000007790
Supply Zones: $0.000012630, $0.000015900
Before the January 2023 rally, SHIBUSD was declining in fractals. After a period of consolidation, prices surged into the premium zone to execute sell orders. Following the execution of the sell orders, a downward trend began. This downward trend caused the drastic crash of the price of Shiba Inu into the $0.000007790 demand zone. The rebuff at the $0.000007790 level marked the end of the bearish move, as the $0.000009020 previous high was invalidated. A massive rally happened as the year began. This must have been a result of the bears’ exit as the price hit the $0.000007790 demand zone.
The rally continued until the $0.000012630 resistance was hit. The selling pressure at the $0.000012630 price level caused a decrease in the buying pressure. This could be seen as the price struggling to break the $0.000012630 resistance. However, the resistance was broken as the price surged rapidly upward, only to end up facing the $0.000015900 supply zone. The market structure is now bearish due to the selling pressure from the $0.000015900 supply zone. SHIBUSD is likely to resume the ongoing downward trend once the consolidation phase comes to an end.
Market Expectation
On the four-hour chart, SHIBUSD is bullish, though with unimpressive momentum. Until the resistance of the triangle pattern is breached, the bearish move might not continue.
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