• Inu’s (SHIB) has been lingering in a technical formation that suggests a mostly bearish outlook.
• SHIB’s current technical formation reveals that a 26% move could be possible in either direction.
• SHIB’s current value is $0.00001055, after a decrease of 5.11% over the previous 24 hours.

Shiba Inu’s (SHIB) has been lingering in a technical formation that suggests a mostly bearish outlook for a while now. There has been no confirmation event that confirms this, which means there is still a possibility, however small, for SHIB’s price to see an upswing.

Ever since May 13 of this year, SHIB’s price has produced four distinctive lower highs. The meme coin produced almost equal lows at the $0.0000101 mark for each one of these. These swing points can be connected to form a clearly visible descending triangle.

SHIB/TetherUS 4h (Source: FXStreet)

SHIB’s current technical formation reveals that a 26% move could be possible in either direction, but it is important to note that the consolidative formation is suggesting a downward tendency. It will likely target the $0.0000074 level if the lower trend line is broken. However, a bullish breakout would trigger a 26% rally up to the $0.0000150 mark.

If SHIB can produce a four-hour candlestick close above the technical formation’s upper trend line, it is going to signal a bullish breakout which could sling SHIB to the target of $0.0000150. A gain of approximately 47% can be achieved by this move.

SHIB could, however, produce a four hour candlestick that is below $0.0000101 at the base of its descending triangle. This will negate the bullish option and activate a bearish trend. SHIB may crash to $0.0000074 if this happens.

SHIB’s current value is $0.00001055, after a decrease of 5.11% over 24 hours according to CoinMarketCap.

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