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 critical demand zone at $0.00000720 on the charts
- A price reversal seemed likely, despite the lack of buyers’ leverage at press time
Shiba Inu [SHIB] has been under bears’ control since mid-August. A recent recovery attempt faced price rejection at a double roadblock near $0.00000760. However, the bulls were out to defend this crucial demand zone at press time.
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Is a reversal to the upside likely?
The H12’s market structure was bearish after the recent recovery failed to exceed the previous high at the bearish order block (OB) of $0.00000760 (white).
The faltering near the $0.00000760 roadblock tipped sellers to extend gains. Sellers’ target was the demand zone and H12 bullish OB of $0.00000713 – $0.00000727 (cyan). If the Fed’s decision on 20 September is positive, SHIB could defend the demand zone and rally.
The critical potential resistance targets are $0.00000760, the December 2022 low ($0.00000779), and the previously cracked support zone of $0.00000785 – $0.00000824 (red).
Alternatively, a crack of the demand zone could force bulls to re-group at $0.00000698.
Meanwhile, the RSI remained below the median mark. It underscores the intense sell pressure since mid-August. Besides, the CMF, which was positive in early September, eased and wavered below zero at press time, reinforcing a decline in capital inflows.
Sellers still had market leverage
Author: Benjamin Njiri
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