Shiba Inu (SHIBUSD) Retracement Phase Looms As The Third Wave Approaches Support
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SHIBUSD Analysis: A Retracement Phase Looms As The Third Wave Approaches Support
SHIBUSD retracement phase looms as the third wave approaches to support. The motive wave began on February 5, 2023, after a surge into the $0.000015900 supply zone. The price is currently in the third wave. However, the third wave might end soon as the price approaches the demand zone of $0.000007790.
SHIBUSD Significant Zones
Demand Zones: $0.000007790, $0.000005860
Supply Zones: $0.000010160, $0.000015900
Following a massive crash throughout the last quarter of the year 2022, a corrective wave drove prices into the $0.000015900 supply zone. Owing to the buying pressure at the previous $0.000010160 demand zone, it took the price multiple strikes to breach the motive trend, which ended as the price hit the $0.000007790 support. This allowed the bulls to invade the market. Owing to the sudden exit of the bears, SHIBUSD experienced a massive surge to the upside. The massive surge occurred between December 29, 2022, and February 5, 2023.
According to the MACD (Moving Average Convergence Divergence), the downtrend began its course in February 2023. While the downtrend was not initially so impulsive until the last week of February 2023. The failure swing as well as the breakout from the short-term consolidation show that the bears are now in control. The first wave ended at $0.000009640, after which the price retraced upward to hit the falling trendline. An FVG (Fair Value Gap) was created as SHIBUSD crashed down from the falling trendline. This FVG is expected to be filled when the price retraces upward.
Market Expectation
SHIBUSD is declining in fractals on the four-hour chart. Recently, a swing high was created at the $0.000009300 price level. Invalidation of the swing high is probable as SHIBUSD rallies after the third wave ends at major support.
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