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Triangle Breakdown Puts $SHIB On 18% Downside Risk – Crypto News

Published

3 years ago

November 22, 2023

Dripp

Shiba Inu Price Prediction: A bearish breakdown from the triangle pattern set the SHIB price for a prolonged downfall

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Shiba Inu Price Prediction: Amid the increasing uncertainty in the crypto market, the SHIB price traded sideways for nearly two weeks developing a triangle pattern in the daily time frame chart. however, the selling momentum in this asset accelerated as the market reacted negatively to the resignation of Binance CEO Changpeng Zhao. This downturn resulted in a crackdown below the triangle pattern indicating this memecoin is poised for further downfall.

Also Read: SHIB Burn Rate Skyrockets 48000%, Shiba Inu Price To Rally?

Shiba Inu Price Prediction: Will Correction Trend Extend to $0.000066

A drop below the crucial EMAs(20, 50, 100, and 200) reflects the short-term trend turning bearish.
The falling SHIB price could witness demand pressure around the $0.0000075 mark.
The intraday trading volume of the Shiba Inu coin is $181.5 Million, showing a 12% gain.

Shiba Inu Price Prediction Source- Tradingview

With a correction phase growing deep, the Shiba Inu meme coin loses its bullish ground and short-term gains. The SHIB price had been trading in a symmetrical triangle with a long-coming support trend line offering dynamic support.

However, with the recent pullback in the market with CZ resigning the CEO spot, the SHIB price breaks under the support trendline signaling a bearish trend reversal. With the triangle pattern leading to a bearish break, the downtrend gains momentum and gives a 17.6% fall within a fortnight.

On analyzing the 4-hour timeframe chart, the sellers are in complete control and test the bullish dominance at $0.00000750. Further, the declining trend gains the support of high trading volume as the fear grows.

Considering the downtrend continues under $0.00000756, the high momentum bearish phase can test the next support level at $0.0000066.

Can SHIB Price Make a Comeback?

Coming as a beacon of hope for bullish traders, the SHIB price did bounce from $0.00000756 once as a fightback. In case the uptrend manages to surpass the breached EMAs, the uptrend can gain momentum. A breakout above the 200-day EMA would give better confirmation of recovery sentiment returning in this asset

Exponential Moving Average: A potential bearish crossover between 50 and 100 EMA would accelerate the selling momentum in the market.
Vortex Indicator: A wide gap between the VI+ and VI- slope in a bearish crossover state reflects the seller has an upper hand.

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