SHIB Price Analysis: Shiba Inu Price out of Long Consolidation Poised for a 10% Downfall

SHIB Price Analysis: Amid the current indecisiveness in the crypto market, the Shiba price has been trading sideways for over a week. During this consolidation, the memecoin price resonated between two converging trend lines reflecting the formation of a symmetrical triangle pattern. While the market witnessed a surge in selling pressure, the sellers plunged the SHIBn price below the lower trendline of the chart pattern indicating a longer downfall is likely.

Key Points:

• A bearish breakdown boasts the selling pressure in the SHIB price
• A slight uptick in strength indicator ADX indicates the sellers are likely to regain trend control
• The intraday trading volume of the Shiba Inu coin is $105.5 Million, showing a 20% gain.

Source- Tradingview

With a 1.7% intraday drop, the Shiba Inu price shows a significant breakdown below the support trendline of the symmetrical triangle pattern. This breakdown reflects the consolidation phase resulted in the sellers’ favor and offered them a new resistance to pressure the market buyers.

The SHIB price currently trades at the $0.000000861 mark trying to sustain below the breached trendline. This post-breakdown may tumble the prices by 10% and revisit the December 2022 low of $0.0000078.

Also Read: Top 10 New Meme Coins With The Best Potential In 2023

However, this potential downfall could cause minor roadblocks or support levels at $0.0000085, $0.00000832, and $0.000008.

Technical indicator

Directional Movement Index: The DI- slope positioned above the DI+ slope reflects a negative trend and the increasing gap between them reflects increasing negativity.

Bollinger Band: Along with the support breakdown, the price also challenges the lower band of the BB indicator indicating the possibility of momentum selling in the market.

Shiba Inu Price Intraday Levels

• Spot price: $0.0000863
• Trend: Bearish
• Volatility: Low
• Resistance levels- $0.00000915 and $0.00000978
• Support levels: $0.0000085 and $0.000008