Shiba Inu (SHIBUSD) Sets To Resume Its Downtrend As Price Meets Major Resistance
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SHIBUSD Analysis: The Market Sets To Resume Its Downtrend As Price Meets Major Resistance
SHIBUSD is set to resume its downtrend as the price meets major resistance. The diagonal resistance has been resisting the upward price flow since February 2023. As it appears, the downtrend is likely to continue as the price meets the diagonal resistance.
SHIBUSD Significant Zones
Demand Zones: $0.00000700, $0.00000600
Supply Zones: $0.00000960, $0.00001590
In February 2023, the Relative Strength Index (RSI) indicated that Shiba Inu was overbought. This happened due to the extreme dominance of the market by the bulls. However, following the indication by the RSI, the bulls exited the market. In favor of the SHIBUSD sellers, the price began a markdown along a diagonal resistance. According to the RSI, SHIBUSD has not entered the overbought region since February 2023. Consequently, prices have only been descending in fractals into the discount region. This indication implies that the bears are in control of the market.
SHIBUSD experienced a sharp decline after retracting from the $0.00001590 resistance point. This was due to the high selling pressure at the resistance level. In March 2023, there was an upward correction, but the market faced even more selling pressure at the diagonal resistance. Eventually, the selling pressure subsided, and the price dropped to the $0.00000600 demand zone. From there, the price rose until it met the diagonal resistance again. However, given the market’s overall trend, it is likely that the downtrend will continue beyond the previous low of $0.00000600.
Market Expectation
On the four-hour chart, the market is in a consolidation zone. Following the liquidity grab above the recent equal highs, SHIBUSD is expected to resume its downtrend.
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