SHIB Price Analysis: Amid the increasing bearishness in the crypto market, the Shiba inu coin triggers a correction phase after creating a local top at $0.0000152. However, the daily chart showcased the falling SHIB price is actively responding to a downsloping trendline and horizontal support, indicating the formation of a descending triangle pattern. Here’s how you may trade this pattern. 

 Key Points: 

This series of lower highs within the triangle pattern indicates a gradual weakening of bullish momentum.
The potential breakdown below the $0.000012 support will trigger the bearish-descending triangle pattern.
The intraday trading volume of the Shiba Inu coin is $172.5 Million, indicating a 12% loss.

Source- Tradingview

A descending triangle pattern governs the ongoing correction in the Shiba Inu coin. As the coin price has reverted several times from the pattern’s resistance trendline and horizontal support, traders appear to be resectioning this bearish continuation pattern and are likely to chase its potential target.

As of now, the SHIB price trades at $0.00001214 and continues to hover above the neckline support of $0.000012. With today’s 1% price jump, the memecoin is likely to resume the ongoing consolidation and reach back the overhead trendline.

Also Read: Top 5 NFT Game Development Companies You Need To Know About

This area between the aforementioned trendline and neckline support will be designated a no-trading zone. Thus, the interested trades must wait for a breakout opportunity to get a better confirmation of the price trend.

Therefore, with a higher possibility, a bearish breakdown below $0.000012 support with a daily candle closing will increase the selling pressure. The traders must take short entries at this breakdown which could plunge the prices 20% down to reach $0.00000975 support..

Technical indicator

RSI– The daily RSI slope dipped below the midline, indicating the market sentiment is falling into the seller’s hands.

EMAs: the 50-and-200-day EMA moving near $0.000012 accelerates the support power of this level

SHIB Coin Price Intraday Levels

Spot price: $0.44
Trend: Bullish
Volatility: Low
Resistance Level- $0.553 and $0.6
Support level- $0.428 and $0.382

The post SHIB Price Analysis: Bearish Pattern Threatens Shiba Inu For Possible 20% Drop appeared first on CoinGape.

---

Filed under: News - @ March 1, 2023 3:25 am