- Shiba Inu lost approximately 9% within the past day, confirming sellers’ control.
- Market players can expect a continued downtrend until the meme coin hits $0.0000101.
- Breaching the barrier at $0.0000101 might catalyze a 26% drop to $0.000074.
Shiba Inu has had its price within a technical setup that predicts bearishness for the canine-themed crypto. Nevertheless, the confirmation is yet to arrive, meaning uptrend possibilities for SHIB. For now, the Dogecoin competitor sees a bearish infestation.
SHIB at Decisive Moment
The alternative token has formed four unique lower peaks since 13 May. Each swing low had the token forming somehow equal lows near $0.0000101, and connecting the swing levels with the trend-line shows a descending triangle formation.
The technical setup predicts a 26% price move in either direction. Meanwhile, the consolidative pattern mostly resolves to downtrends. Breaching the bottom trend line will see the meme token targeting $0.0000074. On the other side, an upside breakout would mean a 26% surge to $0.0000150.
Though the latest drop might appear bearish at first glance, 1-month history shows Shiba Inu buyers joining and bidding within $0.0000106 – $0.0000101. Thus, a rebound looks possible and might push the alt to the descending triangle’s topside trend-line at $0.0000114.
More actions by the bulls could push the DOGE-Killer to form a 4hr candle closing beyond the technical setup’s top trend-line. That would signal an optimistic breakout, propelling the crypto towards the hypothetical target near $0.0000150, translating to a 47% total gain.
Meanwhile, Shiba Inu producing a 4hr candle closing beneath the $0.0000101 descending triangle’s bottom will welcome a bearish tone. That can drive the alternative token towards $0.0000074 with a possible pause near $0.000089.
Nevertheless, SHIB investors should watch broad market reactions for profitable undertakings. For now, bears dominate the crypto world, and Shiba Inu’s road with fewer hurdles remains the downside. Bitcoin could not keep away resistance around $31K, recording a nearly 5.51% overnight drop to $29,510.98 at this publication.
Moreover, the global cryptocurrency market capitalization dropped 5.27% within the previous day to $1.21 trillion. Shiba Inu will hardly support leg ups under such conditions. Bitcoin should close beyond $32K to back bullish actions in the near term.