SHIB coin price action reflects a symmetrical triangle pattern that confines the volatile movements on either side. So, where will the triangle lead buyers?

Key technical points:
<ul>
 	<li style="font-weight: 400">The memecoin price deflates 40% within the triangle.</li>
 	<li style="font-weight: 400">The SHIB price falls under the $0.000025 mark.</li>
 	<li style="font-weight: 400">Finally, the 24-hour trading volume of Shiba Inu is $631.70 Million, marking a 20% rise.</li>
</ul>
<h2>Past Performance of SHIB</h2>
SHIB prices fell by 40% in a little more than three months within the symmetrical triangle pattern with a relatively more robust resistance trendline. The recent rejection from the resistance trendline undermines the 100-day EMA breakout with higher price rejection evident by the long-wick formations. Currently, the price consolidates close to the resistance trendline below the $0.000025 mark, projecting a halt in the downtrend.

<img src="https://s3.tradingview.com/snapshots/a/a745cFvu.png" alt="TradingView Chart" />

Source-<a href="https://www.tradingview.com/x/a745cFvu/">Tradingview</a>
<h2>SHIB Technical Analysis </h2>
SHIB token price reflected from the $0.000027 mark to the $0.00002365 level marking an early halt in the downtrend. However, the resistance confluence of the descending trendline and the merged EMAs reflect a significant inflow of supply growing to slide the prices to $0.000022.

The crucial daily EMAs in the Shiba Inu price chart showcase a sideways trend after the recent death cross, delaying the 100-day EMA fall to gain the bearish alignment. However, the price trading below the 200-day EMA gives a bearish vibe.

RSI Indicator: The downfall in the RSI value continues and slides under the 50% line with the lower low formation in the daily chart. Hence, the bearish trend in RSI with no significant divergence reflects a high downtrend continuation possibility.

MACD Indicator: The MACD and signal lines reach the zero line with the increasing intensity of bearish histograms. Hence, the downtrend fast and slow lines project a price fall to the $0.000022 mark.

In a nutshell, the SHIB technical analysis emphasizes the bearish trend possibility within the triangle.
<h2>Upcoming Trend </h2>
SHIB coin price action forms a crucial symmetrical triangle pattern, projecting a high-momentum breakout rally on either side. However, the reversal trend hints at a fall to the $0.000022 mark. 

Support Levels: $0.000022 and $0.000020

Resistance Levels: $0.000025 and $0.000028

SHIB Technical Analysis: Triangle Holds The Fate of Memecoin

SHIB coin price action reflects a symmetrical triangle pattern that confines the volatile movements on either side. So, where will the triangle lead buyers?

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

SHIB Technical Analysis: Triangle Holds The Fate of Memecoin

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