Shiba Inu (SHIBUSD) Bears Struggles At Discount With Waning Impact
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SHIBUSD Analysis – Market Struggles At The Discount Zone As The Selling Pressure Wanes Slowly
SHIBUSD struggles at the discount zone as the selling pressure wanes slowly. About a month ago, a change of character occurred to the downside. The SHIB/USD market has since been declining exuberantly into the discount zone. However, according to the Stochastic Oscillator, the oversold state is about to be reached. This is likely to result in a significant retracement or a complete reversal to the upside.
SHIBUSD Significant Zone
Demand Zones: $0.00000700, $0.00000600
Supply Zones: $0.00000880, $0.00001130
The formation of a major high at $0.00001190 led to a massive breakout to the downside. This followed a distribution phase, which only lasted for a few days. The emerging downtrend sank the price deeper into the discount zone. At first, the market reluctantly broke through $0.00000880 due to the buying pressure at the previous support. After a period of consolidation that lasted for almost one month, the downtrend resumed. More aggressively, the bears took down the price deeper into the oversold state as per the Stochastic Oscillator.
Owing to the oversold state’s indication by the Stochastic Oscillator, the bulls hijacked the market. As the bears panicked out of the market, prices flung upward. The emerging uptrend continued in fractals until a swing high formed at $0.00001130 due to the resistance at the price level. A Change of Character (CHoCH) eventually occurred to the downside on August 17, 2023. This led to an exuberant decline in the discount zone. As the price approaches the oversold state, the selling pressure wanes. This implies that there is a high chance of a massive expansion ensuing any moment from now on.
Market Expectation
SHIBUSD is currently consolidating within the $0.00000770 swing high and the $0.00000700 swing low on the four-hour chart. Apparently, a bullish order block is below the $0.00000700 swing low. The market is expected to sink lower into the bullish order block in the discount zone before a massive upward expansion occurs.
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