Shiba Inu Price Falls Again: Triangle Pattern Suggests Upside Breakout
• Shiba Inu price has moved south on its chart over the last 24 hours, losing 3%.
• The coin has not registered gains over the past week, losing 6% of its market value and forming a pattern that indicates an upside breakout in the coming 24 hours.
• The trading volume of SHIB has declined, as buyers have remained low in the market.
The Shiba Inu (SHIB) price has been on a downward trajectory over the last 24 hours, losing 3%. This follows a week of losses for the meme coin, which has seen it lose 6% of its market value. Despite the decline, technicals still suggest an upside breakout in the coming 24 hours.
The one-day chart for Shiba Inu displays a symmetrical triangle pattern, which indicates that the coin could witness a rally due to a breakout. Currently, the coin is trading at $0.0000080, with the first local support standing at $0.0000076. However, the outlook is still bearish as the trading volume of SHIB has declined, and buyers have remained low in the market. This is evidenced by the coin being 90% below its all-time high, which the coin secured almost one year ago.
The bearishness of the Shiba Inu market has been seen in the past few weeks, with sellers in control of the price. This has caused the coin to shed a few support lines, and has been unable to register any gains. As such, buyers need to come to the rescue for SHIB to follow through with an upside breakout.
Overall, the technical outlook for Shiba Inu still displays bearish signs, with the coin expected to fall on its chart over the immediate trading sessions. However, the triangle pattern formed suggests that the coin could witness a rally due to a breakout, provided buyers come to the rescue. Until then, SHIB is likely to remain stagnant in the market, with its current all-time low of $0.0000076 appearing to be the support line.