Shiba Inu (SHIBUSD) Sets To Retrace Upward As The Market Approaches An Oversold State
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SHIBUSD Analysis: Price Sets To Retrace Upward As The Market Approaches An Oversold State
SHIBUSD is set to retrace upward as the market approaches an oversold state, according to the RSI (Relative Strength Index). The RSI is currently below the 50.0 level, indicating that the bears are in control of the market. The decline followed a significant correction to the upside after the $0.000000600 support was hit.
SHIBUSD Significant Zones
Demand Zones: $0.00000700, $0.00000600
Supply Zones: $0.00001190, $0.00001590
Following the indication of the oversold state of the market in February 2023, the market’s structure shifted downward. SHIBUSD crashed massively, leaving a lower low at first before finally invalidating the $0.00001190 previous support. SHIBUSD took almost a month to breach the previous $0.00001190 support, thereby making the $0.00001190 price level a significant level. As a result of more sell orders storming the market, the bears successfully dragged the price into an oversold state. According to the RSI indicator, the market entered an oversold state in March 2023.
Following the breakout from the premium zone through the $0.00001190 previous support, SHIBUSD formed a new low around the $0.00001000 psychological level. The $0.00001190 price level was retested afterward, causing a further price decline. Until the $0.00000600 support was hit, SHIBUSD made no significant retracement to the upside. However, following the attainment of the major low at $0.00000600, the market experienced a significant expansion to the upside, leaving a Breaker Block around $0.00000850. A return to the Breaker Block will likely cause a further decline beyond $0.00000600 support.
Market Expectation
The invalidation of the old low on August 17, 2023, led to a change downward in the market’s environment. However, as the price hits $0.00000700, SHIBUSD will likely retrace upward until the premium range is reached.
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