Shiba Inu (SHIBUSD) Experiences a Bullish Trend Reversal
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Price Analysis: SHIBUSD Bullish Trend Emerges After the bullish Break of Structure
The SHIBUSD market has recently witnessed a significant shift in sentiment, transitioning from a bearish to a bullish trend. This reversal occurred after a notable bullish break of structure, signaling a change in the overall market direction.
Shiba Inu Key Levels
Demand Levels: $0.00001580, $0.00001310
Supply Levels: $0.00002020, $0.00002400
Previously, the market had been in a sustained bearish trend, with SHIBUSD breaching a critical demand level of $0.00001580 and plunging to a low of $0.00001310. At this level, the price entered a period of consolidation, repeatedly retesting the $0.00001580 support level but failing to break lower. This phase of consolidation persisted through late September 2024, when the market saw a bullish expansion that initiated the recent break of structure, marking the end of the consolidation phase and the emergence of bullish momentum.
The bullish expansion was temporarily halted as the price encountered resistance at $0.00002020, resulting in a bearish retracement. However, this pullback found strong support at the $0.00001580 level, forming a failed low—a bullish signal indicating that the bearish correction had likely concluded. The failure of the price to push below this support confirmed the exhaustion of bearish pressure, setting the stage for a resumption of the upward trend.
Adding to the bullish outlook, the daily Moving Average (MA) shows a bullish signal, with the current price action positioned above the MA, further supporting the possibility of continued upward movement.
A closer look at the 4-hour timeframe provides additional insights into the short-term structure. Here, we see a mini bullish structure shift as well, with a 4-hour order block being triggered, leading to recent bullish candles. The 4-hour Moving Average also aligns with the overall bullish signal, suggesting that the short-term momentum is in sync with the broader market trend.
Market Expectation
In the coming days, SHIBUSD is expected to continue its bullish trend. Key resistance at $0.00002020 is anticipated to be breached as price momentum builds towards the next target level of $0.00002400. The price action should be monitored closely around these levels, as a decisive break above $0.00002020 would further solidify the bullish case.
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