Shiba Inu (SHIBUSD) Anticipates a Bullish Correction
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Price Analysis: SHIBUSD Seeks Liquidity Resting Above the Market
After experiencing a surge of bullish momentum, SHIBUSD showed signs of momentum exhaustion, leading to a downward price correction. The Bearish correction was overturned as the market underwent a structural shift, transitioning to a bearish outlook. The Bearish sentiment was halted by the $0.00001950 low, which subsequently gave rise to a bullish retracement.
Shiba Inu Key Levels
Demand Levels: $0.00001950, $0.00001470
Supply Levels: $0.00002810, $0.00003290
However, this retracement was met with resistance at the $0.00002810 threshold, reinforcing the bearish sentiment and resulting in a break in market structure. As the price descended, the bearish momentum began to falter, with the decline stalling. This pause in the downtrend is corroborated by the daily Relative Strength Index (RSI), which signals that the price has entered the oversold territory, potentially setting the stage for a bullish correction.
Further technical analysis of the 4-hour timeframe reveals a build-up of liquidity above the current price level, suggesting that the market may undergo a retracement to claim this liquidity. The liquidity would provide the necessary momentum for the bearish trend to resume.
Market Expectation
The anticipated bullish retracement is expected to activate the daily order block. As this will reinforce the bearish market structure causing another wave of bearish trends.
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