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Amid the increasing selling pressure in the crypto market, the Shiba Inu has been in a falling trajectory since last week. From the last swing high of $0.0000086, the meme coin’s mark value dropped 9.55% to currently trade at $0.00000769. This downfall made a decisive breakdown from the support trendline of the bearish pattern indicating the SHIB price is at risk of further downfall.
Also Read: Whale Again Moves Massive 4.6 Trillion Shiba Inu (SHIB), Recovery Ahead?
Bearish Pennant Set SHIB Price Fall to $0.000007
- The Shiba Inu price has been falling for seven consecutive days
- Completion of bearish pennant pattern bolsters seller to challenge the $0.000007 psychological support
- The intraday trading volume of the Shiba Inu coin is $88 Million, showing a 13% gain.
Source- Tradingview
On August 31st, the SHIB price gave a bearish breakout from the inverted pennant pattern, releasing the selling momentum built during the consolidation phase. The bearish breakdown followed by red candles in the daily chart indicates the sellers are likely to extend the current downfall.
With sustained selling the popular memecoin could tumble 6% to retest the immediate support of $0.0000075-$0.000007, followed by $0.0000055.
However, the falling price is associated with decreasing volume which showcases weakness in bearish momentum. As a result, the SHIB price may have witnessed increased demand pressure at $0.000007 to lead to a bullish reversal.
Here’s Why Shiba Inu Coin May Plunge to $0.000005
Source- Tradingview
Taking a look at the bigger picture, the Shiba Inu coin weekly chart shows the ongoing downfall confided with two converging trendlines of a wedge pattern. In response to this chart pattern coin prices usually resonate within the falling trendlines until it gives breakout from either one. Considering a pessimistic approach, the ongoing downfall may extend to $0.000005 to meet the lower trendline of the pattern.
Anyhow, for memecoin holders to obtain a suitable signal for trend reversal, the buyers should break the upper trendline of the pattern.
- Exponential Moving Average: The coin price trading below the daily EMAs(20, 50, 100, and 200) indicates the overall downtrend.
- Relative Strength Index: The daily SHIB Price Prediction below 40% shows the sellers are gradually strengthening their over this memecoin
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