- Shiba Inu prints a chart pattern that indicates indecision between sellers and buyers.
- However, SHIB risks a 20% fall as it moves beneath a critical support border.
- With the many stiff hurdles, SHIB has few chances to register upside moves.
Shina Inu (SHIB) has had uneventful price action regardless of the recent cryptocurrency rally. SHIB extends consolidation in sideways movements. Moreover, there is an indecisive tech pattern emerging. At the moment, the meme coin trades in danger, with chances to plunge downward as it pieces beneath a critical support zone.
SHIB Risks Significant Declines
According to its 12-hr chart, SHIB might continue its sideways moves as the coins showcase a symmetrical triangle formation.
The higher lows and lower highs formed two extensive trend lines that meet at the top, creating a symmetrical chart pattern.
Though the existing pattern indicates indecisiveness, Shiba Inu has exposed itself to increased declines. Keep in mind that the coin dropped beneath the crucial lower border of the triangle.
According to the tech patterns, SHIB might experience a 19% drop as bears aim the $0.00000501 mark.
Meanwhile, a close beneath the diagonal support at $0.00000617 shows the offing of the bearish prediction.
SHIB might recover to the support zone at the $0.00000551 – $0.00000590, the demand barriers, before dropping towards the targets highlighted by the price chart pattern.
Even though the asset manages to close over the triangle’s lower border, it has multiple challenges awaiting ahead. Meanwhile, the canine-themed coin still faces a massive resistance at the 20-d SMA.
Even with increased buying pressure Shiba Inu will face a colossal obstacle as $0.00000654, 78.6% Fib retracement, serves as the next challenge for the coin.
In scenarios where buyers lift SHIB against the heavy sellers, the bulls might take this coin to the triangle’s upper border at $0.00000682 to initiate price reversals. The asset will have to close over this level to motivate Shiba Inu to rally high.
As of now, SHIB shows bearish dominance, indicating further plunges. The meme asset has multiple obstacles hindering its uptrends.
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