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? Key technical points: The memecoin price deflates 40% within the triangle. The SHIB price falls under the $0.000025 mark. Finally, the 24-hour trading volume of Shiba Inu is $631.70 Million, marking a 20% rise. Past Performance of SHIB 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. Source-Tradingview SHIB Technical Analysis 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 sl...