- Ah, the Shiba Inu, that whimsical creature of the speculative markets, once flashed a glimmer of bullish intent, only to have the winds of sentiment shift, leaving it adrift in neutrality.
- Behold the triangle pattern, a harbinger of potential doom, threatening to reverse the bullish trend into a bearish abyss.
Last week, our dear Shiba Inu [SHIB] broke free from the confines of a lower timeframe channel, igniting a flicker of hope among the optimistic souls. Alas, this spark turned out to be but a false alarm, akin to a mirage in the desert of speculation.
Just a mere 24 hours ago, the memecoin experienced a surge of speculative fervor, yet the technical indicators, those fickle friends, whispered of a slowing demand, as if to say, “Not so fast!”
The ominous descending triangle pattern and the chilling data of liquidation loomed large, suggesting that a price drop was not just a possibility, but an impending reality. The pressing question remained: how deep would this plunge be? 🤔
Shiba Inu bears threaten a 9% price drop
In the second week of May, the meme coin had its moment of glory with a bullish breakout, yet it faltered at the $0.000017 mark, a resistance level that mocked its aspirations, reminiscent of a lower high from mid-February.
Over the past three weeks, our beloved Shiba Inu has drifted downwards, gravitating toward the former range highs at $0.000014, as if drawn by an invisible force.
The 20 and 50-day moving averages, those wise sages of market momentum, indicated that while the bullish spirit lingered, it had considerably weakened. The SHIB market structure teetered on the brink of a bearish transformation.
A closing session below $0.0000142 would seal this fate, marking a shift that would send shivers down the spines of hopeful investors.
The CMF, having sunk to the zero level, indicated a stalemate in capital flow, leaving both buyers and sellers in a state of limbo. Meanwhile, the OBV meandered aimlessly through May, as if lost in thought.
In recent days, Shiba Inu’s lower highs formed a descending triangle pattern (yellow), a sign that the weakened momentum and dwindling demand could herald a bearish trend reversal. Oh, the irony! 😅
The liquidation heatmap, that ever-watchful guardian, corroborated these findings. The 1-month heatmap revealed a cluster of liquidity just beneath $0.000014, the former range highs, now a fragile support level.
This accumulation of liquidation levels had been building over the past ten days, like a suspenseful novel nearing its climax.
As the market price of Shiba Inu hovered near this precarious threshold, combined with the foreboding triangle pattern, it seemed almost inevitable that SHIB would soon experience a 3% drop.
This potential decline could unleash a torrent of sellers, propelling the memecoin toward the mid-range support at $0.0000129, a staggering 9.3% drawdown from its current price. Oh, the drama of it all! 🎭
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2025-05-29 08:10