Bearish Pattern Threatens Shiba Inu Price for 12% Fall; But There’s a Catch

SHIB Price Prediction: The ongoing correction phase in the Shiba Inu price takes a tiny detour after hitting $0.00000981 support. The strong support has turned the falling prices sideways and revealed the formation of a famous bearish continue pattern called an inverted flag. In theory, the pattern prolongs the ongoing downtrend after the prices breach the flag support and offers a short-selling opportunity to interested traders.

 Key Points: 

• A bearish breakdown from the $0.00000981 support will accelerate selling pressure and tumble the coin price 12% down
• A long-coming support trendline may undermine the ongoing correction phase
• The intraday trading volume of the Shiba Inu coin is $110.4 Million, showing a 13% loss.

Source- Tradingview

As shown in the above chart, the SHIB price is resonating within the flag range spread from $0.0000118 and $0.00000977. As of now, the coin price trades at the $0.00000995 mark and retests the aforementioned support.

Under the influence of this pattern, the coin price is likely to escape this temporary sideways trend once sellers pierce the $0.00000977 local support. This breakdown may intensify the selling pressure and tumble of 12% down to retest an ascending trendline.

Triangle Pattern Likely To Replenish Bullish Momentum In Shiba Inu Price

Source- Tradingview

In the weekly time frame chart, the aforementioned ascending trendline is part of a bigger chart pattern called a symmetrical triangle. This chart pattern has maintained a sideways trend in Shiba Inu price for nearly a year. 

Thus, this long-coming chart pattern should have a stronger impact on Shiba Inu’s future trend, and therefore a retest to this support trendline is more likely to trigger a fresh recovery rally like it did in June 2022, and January 2023.

Technical indicator

Moving Average Convergence Divergence: The weekly MACD(blue) and signal(orange) lines give a strong sell signal with its bearish crossover below the midline.

Exponential Moving Average: The 20-day EMA act as a dynamics resistance to assist selling to complete the bearish pattern

Shiba Inu Price Intraday Levels

• Spot price: $0.0000995
• Trend: Bearish
• Volatility: High
• Resistance levels- $0.0000107 and $0.0000117
• Support levels: $0.00001 and $0.00000875