Shiba Inu (SHIBUSD) Enters Ending Phase of Bearish Trend
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Price Analysis: Shiba Inu Indicates Bullish Potential
In mid-February 2024, Shiba Inu (SHIBUSD) experienced a significant bullish trend, characterized by a rapid escalation in price without notable retracements. This upward momentum reached its zenith in mid-March 2024, after which a correction phase ensued. Notably, during this pullback, a bullish flag pattern emerged, suggesting a probable continuation of the upward trend.
SHIBUSD Key Levels
Demand Levels: $0.00001900, $0.00001450
Supply Levels: $0.00002800, 0.00003500
The price correction found solid support at the $0.00001900 level, and subsequent price movements signaled a resurgence of bullish sentiment. This was corroborated by the daily Relative Strength Index (RSI), as it ascended from the oversold threshold of 30.0, advancing towards the overbought zone indicating a sustained buying interest in price.
Further bullish confluence was evident in the 4-hour timeframe analysis. A ‘failed low’ pattern was observed, undermining the previously bearish market structure and hinting at a potential shift to a bull market. Concurrently, the 4-hour RSI entered the overbought zone, which suggests an impending price retracement which is likely anticipated to be a natural market correction rather than a reversal of the bullish trend.
Market Expectation
The retracement on the lower timeframe (four-hour chart) is anticipated to reach the 4-hour order block before ascending, potentially breaking the bearish trend. The expected upward movement may exceed $0.00002800, reaching higher price levels.
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