🍀SHIBUSD remains in a consolidation zone as the price fails to sink lower💫

👾 The overall direction of the market on the daily chart remains bearish. However, the market is currently in consolidation as the price remains in an oversold state.

👺The consolidation began on September 11, 2023, after an extensive decline into the $0.00000700 demand zone.

👽The massive decline that ensued in April 2023 followed a short period of consolidation about the $0.00001130 resistance level. The decline continued into a base as SHIBUSD consolidated again around the $0.00000880 price level. Before the formation of the base, a Fair Value Gap (FVG) had formed on April 20, 2023, as prices dropped aggressively. Following the base formation at the $0.00000880 price level, SHIBUSD continued more aggressively to the downside.

🥇SHIBUSD Significant Zones:-

♂️Demand Zones: $0.00000700, $0.00000600

♂️Supply Zones: $0.00000880, $0.00001130

🛞Market Expectation🪩

✨After the formation of the four-hour high at $0.00000770, the price of Shiba Inu dropped notably to the downside.

🌻The downtrend continued until the invalidation of the previous low at $0.00000720. SHIBUSD is likely to head upward into the premium zone before the market’s downtrend continues.