Shiba Inu (SHIBUSD) Sets To Return Into The Daily Bearish Order Block
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SHIBUSD Analysis: Price Sets To Return Into The Daily Bearish Order Block
SHIBUSD sets to return to the daily bearish order block. Due to the downward market structure shift (MSS), an upward surge is required to execute sell orders at the premium. Considering the current state of the market is bearish, it is anticipated that the long-term high will not be breached.
SHIBUSD Significant Zones
Demand Zones: $0.000009240, $0.000007790
Supply Zones: $0.000017940, $0.000030000
The daily chart of the market shows a bearish trend, as indicated by the MA Cross. The Moving Average Period 18 crossed the Moving Average Period 40 downward, indicating a bearish signal. A bearish order block was established as the price moved out of the $0.000017940 supply zone. The upward retracement may end if the bearish order block rejects the price move to the downside. SHIBUSD was in an uptrend before the onset of the bearish move. The price was rejected at the $0.000007790 demand zone to create a swing high, which signaled the start of the uptrend.
While the uptrend only lasted six weeks, the swing high it created surpassed the previous four months’ swing highs. In August 2022, a swing high formed during a reversal at the $0.000017940 supply zone. According to the RSI indicator, the reversal was due to selling pressure from the overbought region. SHIBUSD kept declining in fractals due to the selling pressure until hitting the $0.000009240 support. Price rebuffed at the support as the bears exited the market for a while. However, prices continued to decline until hitting the $0.000007790 demand zone.
Market Expectation
On the four-hour chart, a falling trendline resists the upward price flow since February 20, 2023. The falling trendline emerged after the rejection of the price at the $0.00001400 swing high. The diagonal resistance might get invalidated as SHIBUSD heads into the daily bearish order block.
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