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Popular meme cryptocurrency Shiba Inu or, as it better known, SHIB, has managed to dodge what its enthusiasts feared most — being stuck with another zero in its price.
After a brutal "Black Friday" sell-off on Oct. 10, the meme coin dipped to below $0.00001 zone, but it was not for long, as the next week, SHIB already managed to find short-term footing around $0.0000102.
But, and it is a big one, the problem is that nothing really changed. Shiba Inu coin is still sitting 70% below where it was last December, with a market cap now around $6.9 billion, and whales keep dumping. At the start of the week their wallets had about 21 billion SHIB but now close to 92 billion.
Exchange balances also went up — 276 trillion tokens compared to 275 trillion on Sunday. So, coins are still being moved to sell.
SHIB price prints bearish pattern
The hidden bearish signal, as usual, is in the price chart, as the ominous pattern — a descending triangle — with the floor at $0.00001052, was tested in April, June and again during the October crash. That is a classic break and retest setup, which usually points lower, and if it plays out, SHIB can go straight to $0.000006.
Right now, buyers managed to hold the line and avoid the zero. But whales are still selling, on-chain numbers are down and the chart is ugly. The bounce might not last long.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team