Shiba Inu (SHIBUSD) Anticipates Further Bearish Price Movement
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Market Analysis: Price Aims Liquidity Resting Below the Marketplace
In early March 2024, the initial bullish momentum that characterized the Shiba Inu market landscape saw a decisive end. This shift was marked by the formation of lower lows and lower highs, signifying a bearish trend taking hold. A critical observation on the daily chart was a bearish break of structure, which underscored the prevailing downward trend.
Shiba Inu Key Levels
Demand Levels: $0.00002010, $0.00001460
Supply Levels: $0.00002930, $0.00003640
Despite the bearish break of structure, the price action exhibited resilience at the $0.00002010 support level, failing to push below and consequently initiating a retracement toward the bearish order block. This retracement was not merely a reversal of direction but also a phase that created liquidity in the market. Such liquidity is typically viewed as a target for the price to ‘take out’.
The daily Relative Strength Index (RSI) lends credence to the bearish outlook. Currently, the RSI positions the price within the overbought territory, which may signal a forthcoming reduction in buying pressure. This, therefore, suggests that the current retracement to the bearish order block is a precursor to a continuation of the bearish trend.
Corroborating this perspective is the 4-hour chart, which presents a ‘failed high.’ This failure to achieve a new peak is interpreted by technical analysts as a sign that the bullish trend may have exhausted its course. Both the 4-hour and the daily charts are in concordance, projecting a potential decline in price. Should this decline materialize as predicted, it is expected to catalyze the formation of a sustained bearish trend that could effectively breach the $0.00002010 support level.
Market Expectation
Anticipation is building that as the market resumes its bearish trend, these liquidity pools created will be cleared, leading to further downward price action.
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