{"id":444196,"date":"2022-05-09T17:04:51","date_gmt":"2022-05-09T14:04:51","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/shib-price-eyes-30-drop-with-shiba-inus-massive-triangle-breakdown-underway\/"},"modified":"2022-05-09T17:04:51","modified_gmt":"2022-05-09T14:04:51","slug":"shib-price-eyes-30-drop-with-shiba-inus-massive-triangle-breakdown-underway","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/shib-price-eyes-30-drop-with-shiba-inus-massive-triangle-breakdown-underway\/","title":{"rendered":"# SHIB price eyes 30% drop with Shiba Inu&#8217;s massive triangle breakdown underway"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3667f5c3023\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3667f5c3023\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/shib-price-eyes-30-drop-with-shiba-inus-massive-triangle-breakdown-underway\/#%E2%80%9D_SHIB_price_eyes_30_drop_with_Shiba_Inus_massive_triangle_breakdown_underway_%E2%80%9C\" >&#8221; SHIB price eyes 30% drop with Shiba Inu&#8217;s massive triangle breakdown underway  &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/shib-price-eyes-30-drop-with-shiba-inus-massive-triangle-breakdown-underway\/#Shiba_Inu_triangle_breakdown\" >Shiba Inu triangle breakdown<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/shib-price-eyes-30-drop-with-shiba-inus-massive-triangle-breakdown-underway\/#Short-term_20_bounce_in_play\" >Short-term 20% bounce in play\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/shib-price-eyes-30-drop-with-shiba-inus-massive-triangle-breakdown-underway\/#Bright_future_promised\" >Bright future promised<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_SHIB_price_eyes_30_drop_with_Shiba_Inus_massive_triangle_breakdown_underway_%E2%80%9C\"><\/span>&#8221; SHIB price eyes 30% drop with Shiba Inu&#8217;s massive triangle breakdown underway  &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-2a0745c6>Shiba Inu (SHIB)\u00a0price dropped by over 10% to $0.00001641 on May 9 amid a broader crypto market decline. This year, SHIB&#8217;s returns were 50% below zero, one of the worst performances by a top-ranking cryptocurrency in 2022.<\/p>\n<p>Last week, luxury fashion brand Gucci named Shiba Inu in the list of tokens it would accept for payments in five of its U.S.-based stores. Nonetheless, the bulls have ignored the major adoption <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> as SHIB price continues to fall under macro and technical pressures.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-05\/b46d4eca-313a-4263-bd36-621f2c2933ff.png\"><figcaption style=\"text-align: center;\"><em>SHIB\/USD daily price chart. Source: TradingView<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Shiba_Inu_triangle_breakdown\"><\/span>Shiba Inu triangle breakdown<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The prospect of Shiba Inu facing more yearly losses increases as it stays on the path toward its &#8220;symmetrical triangle&#8221; breakdown target near $0.00001197.<\/p>\n<p>The level, which sits around 30% below May 6&#8217;s price, results from a technical rule that measures symmetrical triangles&#8217; profit targets by adding the maximum distance between the structure&#8217;s upper and lower trendline to the breakout\/breakdown point.\u00a0<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-05\/3fedac5a-128f-4e2a-9e55-6d09f46b6d16.png\"><figcaption style=\"text-align: center;\"><em>SHIB\/USD weekly price chart featuring &#8216;symmetrical triangle&#8217; breakout. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>Nevertheless, SHIB&#8217;s shorter-timeframe charts reflects an interim bullish bias.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Short-term_20_bounce_in_play\"><\/span>Short-term 20% bounce in play\u00a0<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>SHIB has dropped near the red horizontal line near $0.00001667, which has served as an accumulation zone for traders three times since October 2021. For instance, Shiba Inu had rallied by over 100% two weeks after testing the $0.0000167-level as support in January 2022.<\/p>\n<p>The level also coincides with the lower trendline of the descending parallel channel, as shown in the chart below. As a result of this confluence, SHIB eyes a price rebound, with the channel&#8217;s upper trendline near $0.00002000 acting as the interim upside target for the May\u2013June period.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-05\/348c1286-48cf-416d-8808-e73516ba6382.png\"><figcaption style=\"text-align: center;\"><em>SHIB\/USD daily price chart featuring descending parallel channel setup. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>Meanwhile, SHIB&#8217;s daily relative strength index (RSI) has dipped below 30, an oversold territory that could further catalyze a short-term rebound.<\/p>\n<p>Nonetheless, macroeconomic catalysts \u2014 primarily a hawkish Federal Reserve \u2014 continue to pose downside risks for the crypto market, including SHIB. So price rallies are likely to sell off at higher levels, thus keeping SHIB on track toward its triangle breakdown target near $0.00001197.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Bright_future_promised\"><\/span>Bright future promised<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Shiba Inu&#8217;s developer Shytoshi Kusama offered a bright outlook for the project in what <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>eared to be an effort to pent-up the market demand for SHIB tokens.<\/p>\n<p><strong><em>Related:\u00a0Shiba Inu has a new use case \u2014 Buying land in SHIB: The Metaverse<\/em><\/strong><\/p>\n<p>The developer noted that\u00a0Playside, an Australia-based video gaming firm, would feature Shiba Inu-themed nonfungible tokens (NFTs) \u2014 called Shiboshi \u2014 on their upcoming metaverse <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/game\/\" data-internallinksmanager029f6b8e52c=\"7\" title=\"Game\" target=\"_blank\" rel=\"noopener\">game<\/a> of the same name. He also noted that Shiba Inu would release the documentation of their layer-2 blockchain, Shibarium, by &#8220;this month or next.&#8221;<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">I updated the Shiboshi chat recently but I&#8217;m sure we will be seeing more from Playside soon as we near the final triad of production.<\/p>\n<p>\u2014 Shytoshi Kusama\u2122 (@ShytoshiKusama) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/ShytoshiKusama\/status\/1522767596931624960?ref_src=twsrc%5Etfw\">May 7, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The disclosures came after an Ethereum whale <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/WhaleStats\/status\/1522592352484876290\">bought<\/a> 74 billion SHIB (worth $1.23 million at press time).<\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. 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This year, SHIB&#8217;s returns were 50% below zero, one of the worst performances by a top-ranking cryptocurrency in 2022. Last week, luxury fashion&#8230;<\/p>\n","protected":false},"author":1,"featured_media":444197,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDUvM2Y2ZDBmZmItZjc1Yy00ZmI0LWI5MGUtMjUyYTA0MmQ4NGRmLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,88119,91083,107431,74939,75150,122237,78261,73785,71407],"class_list":["post-444196","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-altcoin-watch","tag-blockchain-game","tag-cryptocurrency-investment","tag-market-analysis","tag-market-update","tag-shiba-inu","tag-tech-analysis","tag-markets","tag-trading"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/444196","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=444196"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/444196\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/444197"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=444196"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=444196"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=444196"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}