Price Analysis

SHIB Price Analysis: Reversal Within Triangle May Drop SHIB By 12.5%

A high volume retest to the resistance trendline may tease a bullish breakout from the triangle pattern. But are SHIB buyers ready?
Published by
SHIB Price Analysis: Reversal Within Triangle May Drop SHIB By 12.5%

A two-week consolidation in Shiba Inu(SHIB) price has formed a descending triangle pattern. The meme coin retest to the resistance trendline may trigger another reversal to the bottom neckline. On which side will this pattern witness its breakout?

Advertisement

 Key points: 

  • The SHIB price narrowing within the triangle may soon lead to a decisive breakout.
  • The vortex indicator is nearing a bearish crossover.
  • The intraday trading volume in Shiba Inu coin is $459.3 Million, indicating a 108% gain.

Source- Tradingview

For the first four months of 2022, the SHIB/USDT pair strictly followed a symmetrical triangle pattern of the daily time frame chart. However, on 29th, the sellers managed to breach the bottom support trendline, indicating the resumption of the past downtrend.

Furthermore, the early May sell-off in the crypto market intensified the selling pressure and plummeted the meme coin to a low of $0.000009145. Considering the breakdown level of $0.0000242, the altcoin lost 58% within a fortnight.

Anyhow, the SHIB price manages to maintain the $0.00001 support and currently hovers above it, responding to a descending triangle pattern. A recent reversal from the $0.00001 support surged the altcoin 14.3% high to retest the resistance trendline.

However, a possible bear cycle within the pattern may continue to resonate within this triangle for a few more sessions before a genuine breakout.

A fallout may dip the coin price back to $0.00009; on the flip side, a less likely breakout from the triangle may trigger a significant relief rally.

Advertisement

Technical indicator

The aggressive selling in the market has widened the gap between the downsloping DMAs. However, the fast-moving 20 DMA has caught up with the price, and it could assist sellers in triggering a breakdown from the pattern. 

Despite a bullish crossover in the Vortex indicator, the VI+ and VI- slope failure to expand accentuates the sellers still hold the command.

  • Resistance levels- $0.00001375, and $0.000017
  • Support levels are $0.00001 and $0.000009
Advertisement

Share
Brian Bollinger

From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian (at) coingape.com

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • Price Analysis

Bitcoin Price Prediction as US Govt. Shutdown Extends- What’s Next for BTC?

Bitcoin price continues to trade within a defined consolidation range as the broader crypto market…

October 8, 2025
  • Price Analysis

Solana Price Megaphone Points to a Parabolic Move as SOL Treasuries Near $3B

Solana price pulled back today, Oct. 8, mirroring the performance of the broader crypto market,…

October 8, 2025
  • Price Analysis

XRP Price Prediction Amid ETF Approval Roadblock as Analyst Warns of $2.72 Dip

The XRP price continues to draw attention as market analyst, Ali Charts, warns of a…

October 8, 2025
  • Price Analysis

Binance Coin Price Prediction If It Surpasses Bitcoin Marketcap— Is $3000 Possible in 2025?

The BNB Coin price continues to extend its upward trajectory, reflecting consistent market strength and…

October 8, 2025
  • Price Analysis

ASTER vs HYPE Price Analysis – Which Perp DEX Token Looks Poised to Dominate Q4 Performance?

The ASTER price has slipped by 2.37% over the past 24 hours, while the HYPE…

October 7, 2025
  • Price Analysis

Ethereum Price Could Soar to $6,500 as BlackRock’s ETF Nears $20B Milestone

Ethereum price could be on the verge of a strong bullish breakout in the coming…

October 7, 2025