SHIB Technical Analysis - Did Shiba Inu Lose Its Magic?

Losing the magic touch, the high-performing memecoin of 2021, Shiba Inu, faces a sharp fall in the bearish market. However, after a sharp fall, we see a bullish fightback which drives the SHIB prices 21% higher. 

Let us start with the market price SHIB is holding today.

$0.00001668 at 5:30 GMT, with a significant fall of 6.29% in the past 24 hours, displays a momentum-packed bearish trend. Moreover, the 20% fall last week reflects a solid rise in fear among investors. 

SHIB prices display a downward trendline break after buyers failed to limit the selling pressure and defend that $0.00001850 mark. The downtrend breaks through all of the EMAs that are crucial and creates five consecutive bearish candles that account for a 35% decline.