SHIBA (SHIBUSD) Experiences a Major Bearish Shift
Estimated Reading Time: 2 minutes
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
Price Analysis: Market Experienced a Strong Bullish Surge Followed by a Major High Formation That Triggered a Sustained Bearish Decline
In March 2024, Shiba experienced a strong bullish surge, marked by the formation of a significant bullish candlestick. However, this upward momentum was short-lived as the price reached a major high, triggering a sharp reversal. The failure to sustain higher levels signaled the beginning of a bearish phase, characterized by a steady decline.
SHIBA INU Key Levels
Demand Levels: $0.00002010, $0.00001305
Supply Levels: $0.00002530, $0.00002950
Following the formation of the major high, the price entered a downtrend, consistently forming lower lows. This bearish movement led to the breach of the $0.00002010 demand level, further reinforcing bearish sentiment as the price approached the $0.00001305 support zone. Upon reaching this critical demand level, bullish momentum resurged, driving the price upward beyond the $0.00002950 supply zone. Despite this significant recovery, the market structure exhibited a failed high formation, a strong indication that the broader trend remained bearish.
The bearish outlook was further solidified by the emergence of a head and shoulders pattern, a classic technical formation that signals a potential downtrend. As a result, sellers regained dominance, pushing the price back toward the $0.00001305 demand level. Confluence from the daily moving average reinforced this bearish sentiment, indicating a continuation of the downtrend.
Market Expectation
In the 4-hour timeframe, the price declines after leaving a bearish order block, suggesting sustained selling pressure. However,it is advised to exercise caution as the daily Relative Strength Index (RSI) indicates that the price has entered the oversold region. This could suggest a potential short-term bullish retracement or pullback before the larger bearish trend resumes.
You can purchase Lucky Block here. Buy LBLOCK
Note: Cryptosignals.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
