SHIBUSD Experiences a Bearish Trend Reversal
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: SHIBUSD Experienced a Bullish Structural Shift in Early October 2024
SHIBUSD experienced a notable bullish structural shift in early October 2024, marking the end of its previous downtrend and initiating a new upward trajectory. This bullish reversal propelled prices higher, breaking through key resistance levels and signalling a renewed bullish trend.
SHIBA INU Key Levels
Demand Levels: $0.00001880, $0.00001250
Supply Levels: $0.00002490, $0.00003350
Following this shift, the price entered a brief period of consolidation, allowing market participants to assess momentum and liquidity. This consolidation phase subsequently led to a significant bullish breakout, pushing SHIBUSD above the $0.00002490 resistance level and extending gains to a peak of $0.00003350. This surge established $0.00003350 as a key major high and a potential reference point for future market movements.
However, the bullish momentum soon waned as selling pressure increased, triggering a market reversal. SHIBUSD entered a bearish trend, characterized by a progressive decline as the price retraced towards key supply zones. The downward movement intensified, driving the price towards the $0.00001880 demand level. As bearish momentum strengthened, the price slightly breached this demand zone, indicating sustained selling pressure.
From a technical perspective, the daily Moving Average suggests a bearish sentiment, as the price remains below this key indicator, reinforcing the current downward bias.
Market Expectation
Market ExpectationCaution is warranted, as the Relative Strength Index (RSI) is approaching the oversold region, which could indicate a potential bullish rebound if buying interest resurfaces. Traders should closely monitor price action around this critical demand zone to assess whether SHIBUSD will find support and initiate a recovery or continue its downward trajectory.
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.
