Shiba Inu (SHIBUSD) Sellers Set To Exit Market As Motive Wave Ends
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SHIBUSD Analysis: Sellers Set To Exit Market As Motive Wave Ends
SHIBUSD sellers are set to exit the market as the motive wave ends. The motive wave began after the rejection at $0.00001590 in an oversold region. Currently, the market lies between the $0.000015900 resistance and the $0.000007790 support.
SHIBUSD Significant Zones
Demand Zones: $0.000009640, $0.000007790
Supply Zones: $0.000013990, $0.000015900
After the downward trend ended in February, a new upward trend began on February 4, 2023. As the price continued to descend from the crest, the price reached the oversold region. According to the Stochastic Oscillator, SHIBUSD just left below the 20.0 level, indicating an ongoing correction. As of now, the market is consolidating above the $0.000009640 support. The consolidation indicates the willingness of the price to keep declining as it resists buying pressure at the discount level.
Following the end of the swing leg, the second wave began after a swift rejection at the bullish order block. However, the bullish order block failed to invalidate the previous high at $0.000015900, causing more bulls to exit the market. The third swing leg; the longest wave, expanded the downtrend into the demand zone at $0.000009640. Currently, the market seems to be in its last swing leg of the downtrend. Since SHIBUSD is oversold according to the Stochastic indicator, the downtrend might not exceed the 79.0 retracement level.
Market Expectation
On the four-hour chart, SHIBUSD is currently consolidating within a triangle pattern. After the grab of buy-side liquidity above the diagonal resistance, the downward trend is expected to continue.
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