Shiba Inu Price Analysis: Bearish Pattern Puts Heavy Load On SHIB Advance
August 29 2023 - 4:44AM
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The price of Shiba Inu (SHIB) has experienced a downward trend over
the past several days. This corrective phase, marked by declining
trading volumes, is shedding light on a potential weakening in
bearish momentum. Interestingly, this price action aligns with the
emergence of a triangle pattern, a technical phenomenon that often
holds significant implications for market trends. In technical
analysis, a triangle pattern refers to a chart pattern formed when
the price moves within converging trendlines, creating a triangular
shape. This pattern indicates a period of consolidation and
indecision in the market, as buyers and sellers reach an
equilibrium. Typically, this pattern is associated with a
temporary pause in the prevailing trend, and it often precedes a
significant breakout or breakdown. Shiba Inu Bearish Pennant
Formation According to a recent price analysis, this triangular
sideways movement for SHIB comes on the heels of a substantial
price drop, raising suspicions of a bearish pennant pattern taking
shape. Related Reading: MATIC Social Sentiment Slides To Negative
Territory – What’s The Impact On Price? A bearish pennant is
characterized by a brief consolidation period following a sharp
decline in price. During this time, the bearish momentum takes a
breather, potentially prolonging the correction trendline. SHIB
price action in the last seven days. Source: Coingecko A closer
examination of the daily chart reveals a notable rejection from the
lower trendline of the pattern. This rejection hints at the
possibility of a bullish upswing within the confines of the
pattern, suggesting that the SHIB price might be gearing up for a
potential reversal. As of the latest data, the current SHIB price
stands at $0.00000814 according to CoinGecko, indicating a 2.1%
rally over the past 24 hours. In the span of seven days, SHIB has
managed to accrue gains of 3.4%. These numbers, against the
backdrop of recent market turbulence, hint at a certain level of
resilience within the SHIB token. Implications Of Significant Token
Movements Ali Martinez, a respected crypto trading chart analyst,
has drawn attention to a startling development that could impact
SHIB’s trajectory. In a post on X, Martinez noted an extraordinary
movement: approximately 2 trillion SHIB tokens were rapidly
withdrawn from established crypto exchange wallets within the
preceding week. This revelation has set off ripples of speculation
and discourse within the digital asset community. #ShibaInu | A
staggering 2 trillion $SHIB tokens have been pulled from known
#crypto exchange wallets just this past week.
pic.twitter.com/MiWMNUp7jY — Ali (@ali_charts) August 27, 2023 The
swift movement of such a significant number of tokens raises
questions about the potential implications for SHIB’s position
within the broader crypto market. As market participants grapple
with the ramifications of this withdrawal, it remains to be seen
how this bold maneuver might shape SHIB’s future price action and
overall market sentiment. SHIB market cap currently at $4.7
billion. Chart: TradingView.com Related Reading: OnlyFans Parent
Company Buys $20 Million Worth of Ethereum – A Boost To ETH Price?
With potential bullish signals emerging within this pattern and the
intriguing withdrawal of tokens, the coming days could hold
decisive clues about SHIB’s direction in a rapidly changing market
environment. (This site’s content should not be construed as
investment advice. Investing involves risk. When you invest, your
capital is subject to risk). Featured image from Adobe Stock
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