\nA downside breakdown from the triangle shape pattern intensified the selling pressure in the SHIB price; time to go bearish?\t\t\t\t<\/p>\n
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![\"SHIB](\"https:\/\/cdn.coingape.com\/wp-content\/uploads\/2023\/09\/04190153\/QuK2lNmQ-1-e1693834330543.png\")
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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\u2019s 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<\/a> is at risk of further downfall.<\/span><\/p>\n <\/p>\n Also Read: Whale Again Moves Massive 4.6 Trillion Shiba Inu (SHIB), Recovery Ahead?<\/a><\/p>\n 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.<\/span><\/p>\n With sustained selling the popular memecoin<\/a> could tumble 6% to retest the immediate support of $0.0000075-$0.000007, followed by $0.0000055.<\/span><\/p>\n 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.<\/span><\/p>\n 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<\/a>. 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.\u00a0<\/span><\/p>\n <\/p>\n Anyhow, for memecoin holders to obtain a suitable signal for trend reversal, the buyers should break the upper trendline of the pattern.<\/span><\/p>\n \n Share this article on:<\/p>\n –><\/p>\n Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading <\/p>\n<\/p><\/div>\n The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\nBearish Pennant Set SHIB Price Fall to $0.000007<\/b><\/h2>\n
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![\"SHIB](\"https:\/\/s3.tradingview.com\/snapshots\/q\/QuK2lNmQ.png\")
Source- Tradingview<\/span><\/p>\nHere\u2019s Why Shiba Inu Coin May Plunge to $0.000005<\/b><\/h2>\n
![\"SHIB](\"https:\/\/s3.tradingview.com\/snapshots\/j\/jOzpHUVE.png\")
Source- Tradingview<\/span><\/p>\n\n
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