Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

• SHIB retreated to a crucial demand zone at press time.
• Demand in the Futures market dipped in September. 

As Q3 2023 inches closer to an end, the memecoin segment could close the quarter in the red. In particular, Shiba Inu [SHIB] extended its losses below the December 2022 low ($0.00000779) and has yet to reclaim it. 

Is your portfolio green? Check out the SHIB Profit Calculator 

Despite the recovery seen in September, SHIB sellers still managed to tuck in some gains. At press time, sellers had made an extra 4% after pushing SHIB to $0.00000722, up from a recent high of $0.00000754. 

Can late sellers benefit?

SHIB retraced to the key demand zone and H12 bullish order block (OB) of $0.00000713 – $0.00000727 (cyan). Although breached around 11 September during a slight deviation, the demand zone has been defended several times. 

So, SHIB could attempt a rebound at the zone and target the immediate resistance levels at $0.00000739 and dynamic 50-EMA (Exponential Moving Average). 

However, Bitcoin [BTC] struggles at $27k could complicate matters for bulls and favor sellers. If so, a price rejection could be likely at the immediate resistance levels. 

Such a scenario could present two possible shorting opportunities. Both could have the demand zone as a profit target. Entry positions could be placed at $0.00000750 or $0.00000739. 

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Author: Benjamin Njiri

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