Shiba Inu (SHIBUSD) Resumes Its Downtrend As Price Forms A Continuation Pattern
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SHIBUSD Analysis: The Market resumes its downtrend as the price forms a continuation pattern
SHIBUSD resumes its downtrend as the price forms a continuation pattern. The last time a continuation formed was between March and May. Following the end of the continuation pattern, the price broke downward to resume the ongoing downtrend. The massive fall in the price began in February after a structural shift to the downside.
SHIBUSD Significant Zones
Demand Zones: $0.00000700, $0.00000600
Supply Zones: $0.00001000, $0.00001600
Following the structural shift in February 2023, the ongoing downtrend began. The structural shift formed by the lower high created at $0.00001400 and the invalidation of the old low at $0.00001200. The price converged into a continuation pattern in March 2023 as it began a correction phase. The continuation pattern was an ascending triangle pattern formed as prices consolidated between March and May 2023. As the Stochastic Oscillator bounced off the 80.0 level, SHIBUSD fell massively to the downside.
The Stochastic Oscillator bounced immediately after hitting the 80.0 level in every case since the downtrend began. This shows that the market is under the control of the bears. SHIBUSD has failed to make a notable correction to the upside, aside from the correction phases within the ascending triangle patterns. As the Simple Moving Average (SMA) Period 50 acts as dynamic resistance, it reveals the continuation of the downtrend. After the return to the 79.0 Fibonacci retracement level in the premium zone, SHIBUSD sets out to continue its downtrend.
Market Expectation
Following the Stochastic Oscillator’s indication of the weak bearish divergence on the four-hour chart, SHIBUSD has been sluggishly downward. However, a massive decline will be expected once the short-term low of 0.00000740 is invalidated.
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