Shiba Inu (SHIBUSD) Aims to Trigger the Daily Order Block
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Price Analysis: Bearish Momentum for SHIBUSD is Diminishing, Indicating a Potential Shift Towards Bullish Momentum
Shiba Inu has experienced a notable volatility shift, moving away from the $0.00001290 price level and exhibiting a sharp bullish impulse that propelled it beyond the $0.00001600 resistance. This bullish momentum further extended to breach the $0.00001960 level, but the breakout proved unsustainable, as selling pressure soon overwhelmed the bulls, leading to a pronounced bearish reversal.
Shiba Inu Key Levels
Demand Levels: $0.00001600, $0.00001290
Supply Levels: $0.00001960, $0.00002380
The 4-hour timeframe offers a more detailed view of this bearish trend. After the failed attempt to sustain above $0.00001960, the market structure shifted, marking a pivotal moment in price action. The chart displayed a classic failed high formation, followed by a series of lower lows, which signaled the start of a bearish phase. The bearish downturn has since driven SHIBUSD downwards, with the price currently testing the critical $0.00001600 support zone.
The Relative Strength Index (RSI) on the 4-hour timeframe is edging towards the oversold region, indicating that bearish momentum is weakening, potentially hinting at a reversal. This can be interpreted as the price attempting to trigger the order block just below the $0.00001600 support level.
However, from a broader perspective, the daily Moving Average still reflects a bullish stance, as SHIBUSD remains above the moving average. This suggests that, despite the short-term bearish pressure, the larger trend could favor bulls. If the price successfully triggers the daily order block near the $0.00001600 region, a resurgence of bullish momentum is likely, with the potential to push prices back toward the $0.00001960 level and possibly beyond.
Market Expectation
In conclusion, SHIBUSD is at a pivotal juncture. The immediate focus is on whether the current support at $0.00001600 can hold and trigger a bullish reversal. If confirmed, the price could resume its bullish trajectory, aiming to breach the recent high of $0.00001960 once again. However, a failure to defend this support could see SHIBUSD slipping further, inviting additional bearish pressure.
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