Key Takeaways
- Shiba Inu forms bearish descending triangle, retests $0.0000152 as resistance and eyes liquidity cluster near $0.0000110–$0.0000114.
- Technical indicators like RSI and OBV confirm bearish momentum, with no strong signs of a reversal yet.
Shiba Inu [SHIB], the popular memecoin, finds itself under intensified selling pressure as technical indicators and on-chain data point toward further downside. Since breaking below the critical support at $0.0000152, SHIB has continued to exhibit a bearish structure, with no immediate signs of reversal. The price action has now gravitated towards a key liquidity zone between $0.0000110 and $0.0000114 — a region that could determine SHIB’s next move.
Descending Triangle Breakdown Signals Bearish Continuation
After ranging between $0.0000115 and $0.0000142 since March, Shiba Inu experienced a short-lived breakout in early May. However, that rally lost steam quickly, leading to a decline that formed a descending triangle — a bearish continuation pattern. True to form, the breakdown from this pattern has ushered SHIB into lower price territory.
According to a recent analysis by AMBCrypto, this triangle pattern indicated the possibility of further losses. That prediction has materialized, with SHIB plunging to a low of $0.0000114 on June 13. Despite a brief defense at the $0.000012 level, the bearish sentiment remains dominant.
Technical Indicators Reinforce the Bearish Bias
The Relative Strength Index (RSI) on the daily chart has remained below the neutral 50 mark for over three weeks, underscoring the lack of bullish momentum. Similarly, the On-Balance Volume (OBV) has been in a steady downtrend since late May, reflecting heightened selling pressure and reduced buyer interest.
This confluence of bearish indicators paints a grim picture for SHIB bulls, especially with the recent retest of the $0.0000152 level — now flipped from support to resistance — confirming a supply zone that could cap any upside attempts.
Liquidation Heatmap Highlights Key Zones
Coinglass’s 3-month liquidation heatmap provides additional context, revealing clusters of liquidity around $0.0000114 and $0.0000136. While the latter might offer a target if SHIB stages a bounce, the more immediate and magnetized cluster at $0.0000114 is more likely to be revisited soon. This makes the zone around $0.0000110–$0.0000114 a critical area to watch for potential price reactions.
Also Read: Shiba Inu Unveils Powerful New DeFi Toolkit
For traders, the current setup calls for caution. Until a bullish divergence or a reversal structure forms on lower timeframes, short-term sentiment remains firmly bearish. A break below $0.0000110 could open the floodgates to more downside, while a bounce from this level could provide a potential long entry — but only if supported by volume and trend confirmation.
In summary, SHIB remains on the back foot, and the next 24–48 hours could be pivotal. As liquidation levels loom and bearish momentum persists, any hope for recovery will depend on the memecoin’s ability to hold above $0.0000110 and reignite buyer confidence.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses
