Shiba Inu (SHIBUSD) Retraces Along Rising Trendline from Oversold Region
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SHIBUSD Analysis – Market Retraces Upward Alongside The Rising Trendline From The Oversold Region
SHIBUSD retraces upward alongside the rising trendline from the oversold region. In June 2023, the Relative Strength Index (RSI) indicated the likelihood of an upward retracement. SHIBUSD heads upward as it retraces alongside the rising trendline that emerged from the oversold region.
SHIBUSD Significant Zones
Demand Zones: $0.00000700, $0.00000600
Supply Zones: $0.00000960, $0.00001590
The market’s overall direction is bearish. This bearish move has emerged since February 2023 after a retraction at the $0.00001590 supply zone. SHIBUSD rallied aggressively into the $0.00001590 supply zone, only to be faced with overwhelming selling pressure. This caused panic among the buyers as they exited the market. Owing to the bulls’ disinterest in the market, SHIBUSD dropped rapidly to $0.00000960 with no significant upward retracement. At the $0.00000960 price level, a retracement occurred, leading to the invalidation of the $0.00001170 previous low. SHIBUSD further retraced upward as it formed a strong high at $0.00001170.
From the $0.00001170 high, the downward trend resumed as the bears stormed the market again. The price crossed the Simple Moving Average (SMA) to the downside, thereby indicating that the market’s environment is typically bearish. A bearish order block formed at $0.00000960, thereby increasing the chance of the price failing to invalidate the supply zone. From $0.00000600 support, the price rose alongside an emerging trendline. The bullish expansion is, however, not expected to break the $0.00000960 supply zone.
Market Expectation
Following the retraction at the four-hour bullish order block, SHIBUSD headed upward to break the market’s structure. Currently, the price is retracing downward, possibly to induce sell-side liquidity below the $0.00000810 low. The bullish expansion is expected to continue as soon as the rising trendline is hit.
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