Shiba Inu Price Analysis: While the market leaders Bitcoin and Ethereum show a temporary halt in the recovery phase, the major cryptocurrencies witnessed additional selling pressure and turned sideways. One of them is a popular memecoin Shiba Inu showing sideways over the past two weeks and developing a descending triangle pattern. This pattern could offer a better conviction for potential price behavior in the near future.
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Despite a volatile phase in the crypto market, the Shiba Inu price continues to wobble between two chart levels, which are long-coming resistance trendlines and $0.000007 horizontal support. This overhead resistance constantly offering dynamic resistance pressurizes the memecoin to make new lower highs.
In the daily chart, this consolidation is revealed as the formation of a famous bearish pattern called a descending triangle. A breakdown below the pattern’s neckline will accelerate the selling pressure if the prices breach neckline support.
Thus, with a higher possibility to break $0.000007 support, the SHIB price could tumble 8.5% down to hit $0.00000642.
As no trend remains intact, the Shiba Inu price may eventually break free from the ongoing downfall. However, interested buyers must for the prices to breach the overhead resistance trendline. This breakout will signal a change in trend, projecting an early target at $0.00000838, followed by $0.00000976.
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