In recent times, the crypto market has demonstrated an air of indecisiveness, and the Shiba Inu price reflects this sentiment as it has been trading sideways for more than a week. Within this consolidation period, the memecoin price oscillated between two converging trend lines, signifying the formation of a symmetrical triangle pattern.
A surge in selling pressure led sellers to drive the SHIB price below the lower trendline of the triangle pattern, suggesting a prolonged downfall might be imminent. This bearish breakdown bolsters the selling pressure in the SHIB price, and a slight uptick in the strength indicator ADX implies the sellers are regaining control over the trend.
On a positive note, the intraday trading volume of the Shiba Inu coin has reached $105.5 million, marking an increase of 20%.
However, there has been a 1.7% intraday drop in the Shiba Inu price, causing a significant breakdown below the support trendline of the symmetrical triangle pattern. The sellers’ consolidation phase appears to have favored them by providing a new resistance level to pressure market buyers.
At this point, the SHIB price is hovering around the $0.000000861 mark, trying to maintain its position below the breached trendline. Should it continue in this direction, prices could fall by 10%, possibly revisiting the December 2022 low of $0.0000078.
Nonetheless, potential declines could encounter minor roadblocks or support levels at $0.0000085, $0.00000832, and $0.000008. In-depth analysis of technical indicators suggests a negative trend: the DI- slope is positioned above the DI+ slope, and the increasing gap between them signals mounting negativity.
The Bollinger Band also displays the price challenging the lower band of the BB indicator, indicating the potential for momentum selling in the market.
As of now, the intraday levels for the Shiba Inu price appear to be as follows:
– Spot price: $0.0000863
– Trend: Bearish
– Volatility: Low
– Resistance levels: $0.00000915 and $0.00000978
– Support levels: $0.0000085 and $0.000008
Although the described content represents the author’s personal opinion and is contingent upon market conditions, it is crucial that readers conduct their research before investing in cryptocurrencies. Neither the author nor the publication shall accept responsibility for any personal financial losses.
Source: Coingape
