Shiba Inu (SHIBUSD) Faces Upward Pressure As The Price Hits A Two-Month Low
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SHIBUSD Analysis: The Market Faces Upward Pressure As The Price Hits A Two-Month Low
SHIBUSD faces upward pressure as the price hits a two-month low of $0.00000700. The market structure shift on August 17, 2023, was followed by a breakout to the downside. The breakout occurred at the diagonal support, which emerged after the price rose from the $0.000000600 demand zone in June 2023. As of now, a bullish retracement is ongoing.
SHIBUSD Significant Zones
Demand Zones: $0.00000700, $0.00000600
Supply Zones: $0.00001190, $0.00001400
On February 26, 2023, SHIBUSD crashed downward after the formation of a swing high. The ensuing crash brought the price of Shiba Inu to a new low of $0.00000960, after which a short-term retracement occurred. The retracement ended after a month as the price reversed downward in a bid to resume the overall trend. The diagonal support resisting the aggressive descent of price eventually failed, and the market’s downtrend finally continued. With increasing momentum, the price declined lower into the discount zone.
During the decline from $0.00001190 to $0.00000600, SHIBUSD experienced a consolidation twice. The distribution phases further caused the market to crash until the price’s rejection at the $0.00000600 demand zone. A major correction occurred, bringing the price of SHIBUSD to the upside. The price rallied alongside a rising trendline. The rally continued in fractals as the price left the oversold state, which was revealed by the RSI (Relative Strength Index). After two months of the rally, a structural shift occurred downward as the bears resumed entering the market again. After bouncing off the two-month low of $0.00000600, a retracement is likely to occur to the upside.
SHIB/USD Market Expectation
After breaching the old low at $0.00000730, the market sank into the discount zone. According to the RSI indicator, SHIBUSD is experiencing a bullish expansion due to the market’s oversold state. The bullish expansion is expected to continue until the $0.00000900 price level is reached.
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