Shiba Inu (SHIBUSD) Anticipates Further Bullish Trend
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Price Analysis: SHIBUSD Experiences Bullish Reversal Following Key Price Structure Breaks
The SHIBUSD trading pair recently exhibited a notable shift in its market dynamics, signaling a potential bullish trend reversal on the daily timeframe. Initially, the price was trending downward, particularly after breaching the $0.00001570 demand level, which established a bearish outlook. However, despite several attempts, the bearish momentum failed to push the price below the significant $0.00001250 demand zone. This inability to breach further support levels contributed to a bullish reversal, leading to a shift in market sentiment.
Shiba Inu Key Levels
Demand Levels: $0.00001570, $0.00001250
Supply Levels: $0.00001830, $0.00002180
The bullish breakout was first confirmed when the price surpassed the $0.00001830 resistance level, signaling a renewed buyer interest. However, upon approaching the $0.00002180 resistance, the price faced a pullback. This pullback found critical support at the previously tested $0.00001570 level, where a double bottom formation emerged—an essential bullish reversal signal.
A closer look at the 4-hour timeframe provides a more granular view of the price action. The double bottom pattern was clearly defined, indicating strong buyer support. After this formation, the price moved upward, attempting to break through the $0.00001830 resistance level again. However, the bullish momentum met a temporary retracement, leading to a gradual decline. This pullback, while appearing bearish in the short term, was relatively minor, suggesting the formation of a bullish order block that could support the resumption of the overall bullish trend.
From a technical standpoint, the daily Moving Average (MA) further confirms a bullish bias, as the price remains above the indicator. This aligns with the broader trend seen in the daily timeframe, reinforcing the expectation of continued upward movement.
Market Expectation
While the higher timeframe analysis suggests a bullish trajectory, the short-term 4-hour chart reflects a temporary bearish trend. This retracement is likely a corrective move that is anticipated to trigger a bullish order block on the 4-hour timeframe, ultimately resuming alignment with the dominant trend on the higher timeframes.
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