Shiba Inu (SHIBUSD) Begins An Upward Correction As Price Hits 79.0% Retracement Level
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SHIBUSD Analysis – Market Begins An Upward Correction As Price Hits 79.0% Retracement Level
[ez-toc]SHIBUSD begins an upward correction as the price hits the 79.0% retracement level. The trading range of the market is currently defined by the $0.00001130 high and the $0.00000600 low. Following the completion of the upward trend in August 2023, a massive crash ensued, driving the price back to the discount zone in less than six weeks.
SHIBUSD Significant Zones
Demand Zones: $0.00000700, $0.00000600
Supply Zones: $0.00000850, $0.00001190
The difficulty experienced by the price to breach the $0.00001190 resistance led to a massive pull of the bulls out of the market. Before the exuberant decline, a consolidation phase began as the bears wrestled with the bulls. Further inflow of the sell orders dragged the market downward until the previous support at $0.00000850 was hit. SHIBUSD was redistributed at the $0.00000850 level for almost a month before the markdown resumed. The emerging downtrend after the redistribution from the $0.00000850 level ended at $0.00000600.
A change in the market’s environment occurred as the downtrend ended at $0.00000600. The bulls returned to the market as prices rallied from the discount zone, according to the Stochastic Oscillator. The first impulse of the upward trend ended at the $0.00000850 price level. Followed by a short-term retracement, SHIBUSD continued its bullish trend until the $0.00001050 and $0.00001130 highs formed at the premium zone. As of now, the order flow in the market is bearish. However, the Stochastic Oscillator currently indicates that an upward retracement is impending as the market leaves the oversold state.
Market Expectation
After the sell-side liquidity sweep below the $0.00000730 low on the four-hour chart, SHIBUSD surged to the upside. The emerging uptrend is, however, expected to continue until the premium array at the $0.00000850 supply zone is reached.
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