Shiba Inu (SHIB) Price Paints Back-to-Back Green Daily Candles, Sparking Fresh Enthusiasm Among Holders

NOIDA (CoinChapter.com) — Shiba Inu (SHIB) price has painted back-to-to-green daily candles, sparking fresh enthusiasm among holders

Shiba Inu (SHIB) price has recently shown a minor recovery, sparking enthusiasm among holders who are eagerly anticipating a potential "zero shedding" scenario. However, a closer analysis reveals a bearish pattern that could wipe out over 71% of SHIB’s value.

Shiba Inu’s price has begun to come under pressure again, suggesting that the recent rally could be fizzling out. As usual, this move has sparked lively discussion among members of the ‘SHIB Army’ online.

Shiba Inu Price Could Plunge 71% As Bearish Pattern Threatens Memecoin

Shiba Inu’s attempt to stage a comeback has been met with resistance, with the broader market structure highlighting a descending triangle—a bearish continuation pattern. This pattern typically appears during an extended downtrend and features a flat horizontal support line and a downward-sloping resistance trendline, highlighting persistent lower highs.

This setup signals weakening buying pressure as each bounce fails to match the previous one, increasing the likelihood of a breakdown.

Shiba Inu’s price action fits this definition closely. Since late February 2025, the memecoin has posted successive lower highs, while buyers have defended the same horizontal support area, which lies at around $0.000012. The lack of upward momentum suggests an exhaustion of bullish sentiment.

Despite notching back-to-back green candles, Shiba Inu (SHIB) remains capped and has yet to breakout.

Technically, traders derive the price target by measuring the vertical distance from the initial high point of the triangle down to the horizontal base. That height is then subtracted from the eventual breakdown point to estimate a potential downside objective. This method reflects the full extent of bearish pressure if the pattern plays out as expected.

Currently, SHIB is hovering dangerously close to the breakdown zone. If sellers push the price below the support floor, the pattern activates, potentially triggering a steep sell-off. Unless bulls invalidate the triangle with a high-volume breakout above resistance, the structure favors further downside.

As such, SHIB price could drop to $0.39, which represents a potential loss of over 71% from current levels.

Shiba Inu Rally Faces Exhaustion As Key Resistance Levels Hold Firm

Shiba Inu price’s recent recovery rally has started to show signs of fatigue, with the token flashing signals of a potential consolidation phase.

After rebounding from the $0.00001 zone on April 9, Shiba Inu climbed toward the $0.0000136 level but now struggles to break decisively above the 100-day EMA (blue) resistance near $0.0000146.

The price currently trades between converging exponential moving averages. The 20-day EMA acts as immediate dynamic support near $0.0000130, while the 100-day EMA looms overhead at $0.004. This EMA cluster forms a compression zone, indicating reduced momentum and possible indecision among traders.

A clean breakout above the 0.618 Fib level would expose resistance at $0.0000157, nearly coinciding with the 0.786 Fib retracement. However, failure to flip this zone into support would likely trap SHIB in a tightening range.

On the downside, support rests at $0.0000130 and $0.0000120, corresponding with the 0.382 and 0.236 Fib levels. A drop below both levels could drag the Shiba Inu token price back toward the $0.0000119 accumulation base. Volume has declined steadily since the April bounce, while RSI hovers near 56, failing to generate new momentum.

Unless bulls reclaim higher ground soon, SHIB risks entering a multi-week consolidation phase, characterized by waning momentum and a narrowing price structure.