Since last week, the Shiba Inu has been sliding due to increased selling pressure in the cryptocurrency market. The meme coin’s mark value has declined 9.55% from its recent swing high of $0.0000086 to presently trade at $0.00000769.

This decline resulted in a clear breakdown from the bearish pattern’s support trendline, indicating that the SHIB price is vulnerable to additional decline.

Bearish Pennant Set SHIB Price Fall to $0.000007

The Shiba Inu price has fallen for seven days in a row. The completion of the bearish pennant pattern encourages sellers to assault the psychological support of $0.000007. The Shiba Inu coin has an intraday trading volume of $88 million, representing a 13% gain.

The SHIB price gave a bearish breakout from the inverted pennant pattern on August 31st, releasing the selling impetus built up throughout the consolidation phase.

The bearish breakdown in the daily chart, followed by red candles, indicates that the sellers are likely to extend the present decline.

With continued selling, the popular memecoin might fall 6% to retest the immediate support of $0.0000075-$0.000007, then $0.0000055.

However, the declining price is accompanied by decreasing volume, indicating a decrease in bearish momentum.

As a result, the SHIB price may have experienced stronger demand at $0.000007, resulting in a positive reversal.

Here’s Why Shiba Inu Coin May Plunge to $0.000005

In the grand scheme of things, the Shiba Inu coin weekly chart shows the continued decline confided with two converging trendlines of a wedge pattern.

Coin prices normally vibrate inside the falling trendlines in reaction to this chart pattern until they break out of either one.

Taking a pessimistic approach, the current decline may extend to $0.000005 to hit the pattern’s lower trendline.

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