\nInverted pennant pattern may increase supply pressure in the SHIB price; should you sell this?\t\t\t\t<\/p>\n
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In the wake of volatile market sentiment, the Shiba Inu coin price<\/a> has been navigating choppy waters. From August 30th, the coin price significantly dropped from a $0.000846 swing high and plunged to the $0.000000739 mark. After registering a 12.65% loss, the price action turned sideways in response to increasing uncertainty in the crypto market. However, a closer look at the four-time frame chart reflects this consolidation as forming a pennant pattern.<\/span><\/p>\n <\/p>\n Also Read: SHIB Price Prediction: Shiba Inu Shows Signs Of New Lifeline, But There\u2019s A Catch<\/a><\/p>\n A keen look in the 4-hour timeframe shows a better picture of the bearish pennant pattern. For the past week, the Shiba Inu coin seems to be dancing on a tightrope, oscillating between two converging trend lines that define this pattern.\u00a0<\/span><\/p>\n At the time of writing, the altcoin valuation sits at $0.00000759, suffering a 0.2% intraday blow. Amplifying this bearish narrative are the high price rejection candles evident at the upper resistance, suggesting another bearish reversal on the horizon. This reversal would hint to extension of\u00a0 sideways movement.\u00a0<\/span><\/p>\n<\/blockquote>\n However, gauging the prevailing sentiment, sellers might soon take the reins, potentially steering the coin beneath the pennant\u2019s lower trendline. Should this bearish prophecy materialize, we could see the Shiba Inu price plunge 8%, testing the $0.000007 support.<\/span><\/p>\n <\/p>\n While a bearish thesis seems valid for the SHIB price, the triangle pattern<\/a> holds the possibility to reverse the prior trend. Therefore, if the coin price breaks above the upper trendline, the buyers may lead to a significant upswing, leading to $0.0000085.<\/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 Hints Continuation of Downward Trend.<\/b><\/h2>\n
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Can SHIB Price Rise Back to $0.0000085?<\/b><\/h2>\n
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