SHIB retreats to a familiar demand zone; Here’s what’s next


18 Sep 2023 7:30 PM

SHIB's retracement has hit a crucial demand zone. Will bulls defend it and front a recovery? ...

  • SHIB retreated to a critical demand zone at $0.00000720 on the charts.
  • A price reversal is likely despite the lack of buyers' leverage at press time.
  • The H12 market structure is bearish, but if the Fed's decision on September 20th is positive, SHIB could defend the demand zone and rally.
  • The critical potential resistance targets are $0.00000760, $0.00000779, and $0.00000785 - $0.00000824.
  • Alternatively, a crack of the demand zone could force bulls to re-group at $0.00000698.
  • The RSI remains below the median mark, indicating intense sell pressure since mid-August.
  • The CMF has eased and wavered below zero, reinforcing a decline in capital inflows.
  • Sellers still have market leverage, as confirmed by the CVD Spot data.
  • The Accumulative Swing Index suggests a potential price reversal and trend change.
  • Futures market data and Open Interest rates have increased, further supporting a likely price pivot to the upside.

The sentiment in the article is mixed. While there is a possibility of a price reversal and rally for SHIB, there are also indications of intense sell pressure and potential resistance levels.

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You May Ask

Is a reversal to the upside likely for SHIB?What are the critical potential resistance targets for SHIB?What could force bulls to re-group at a lower price?How are sellers' market leverage and capital inflows affecting SHIB's price?How do positive metrics in the Futures market and Open Interest rates support a potential price pivot for SHIB?

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