Here are the Next Steps After SHIB Retreats to a Familiar Demand Zone

Updated: 19 September 2023

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It appears that SHIB’s retracement has hit a critical demand zone at the point of retracement. In order to proceed with a recovery, will the Bulls be able to defend it?

Unless otherwise stated, the information presented constitutes neither financial advice nor investment, trading, or investment related advice and is solely the author’s opinion at the time of writing

Currently, SHIB has retreated to a critical demand zone at $0.00000720 on the charts as a result.

There seemed to be a strong likelihood of a price reversal at the time of press, despite the fact that buyers had little leverage.

There has been a shift in the control of Shiba Inus (SHIB) to bears since the middle of August. Recent attempts to recover prices have met price rejection at a double roadblock near $0.00000760 following a recent recovery attempt. It should be noted, however, that bulls were on the move to defend this crucial demand zone at the time of writing.

What are the chances of an upside reversal?

During H12, the market structure was bearish because, despite the recent recovery, it was not able to surpass the previous high which was at $0.00000760 (white) in the bearish order block (OB).

As the price fell near the $0.00000760 roadblock, sellers were encouraged to add to their gains. It appears that sellers have set their sights on the demand zone and the H12 bullish OB of $0.00000713-$0.000000727 (cyan). There is a possibility of the SHIB to defend the demand zone if the Fed announces a positive decision on 20 September.

$0.00000760 is the critical potential resistance target, followed by the December 2022 low ($0.00000779), and the previously cracked support zone between $0.00000785 and $0.00000824 (red).

There is the possibility that a crack in the demand zone could force bulls to regroup at $0.00000698 if the demand zone cracks.

At the same time, the RSI remained below the median mark for the week. The fact that the stock has been under intense selling pressure since mid-August underscores this point. Additionally, the CMF, which was positive in the first few days of September, eased dramatically and wavered below zero at press time, adding to the evidence that capital inflows have declined.

Market leverage remained in the hands of sellers

Coinalyze found that the CVD (Cumulative Volume Delta) Spot continued to decline from 13 September to the end of September, indicating that sellers could increase their market leverage during the same period.

Nonetheless, the Accumulate Swing Index, which measures the strength of price swings over a period of time, showed an upward trend. This could indicate that the price has reversed and that the market trend is changing.

Aside from this, Coinglass data revealed that there was an increase of 68% in the Futures market data and of 4% in Open Interest rates over the last 24 hours prior to the time of this publication.

There is no doubt that these positive metrics point toward an upside price pivot, but the Fed’s decision on its interest rate could have a significant influence on how much further the rally goes.

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