Shiba Inu (SHIB) Poised for a Notable Price Decline as It Forms a Bearish Price Action Pattern on Its Daily Chart

Amid the confusing market sentiment, Shiba Inu (SHIB), the popular meme coin is poised for a notable price decline as it has formed a bearish price

Shiba Inu (SHIB) is set for a sharper decline of up to 15% following a breakdown from a symmetrical triangle pattern on its daily chart.

The meme coin has closed a daily candle below the 200 Exponential Moving Average (EMA), indicating a bearish trend. If this continues, SHIB could drop to the $0.000015 level in the coming days.

However, if SHIB manages to close a daily candle above the 200 EMA or the $0.000017 level, this bearish thesis will be invalidated.

This bearish outlook is also supported by on-chain metrics. According to Coinglass, SHIB's Long/Short ratio on Binance stands at 0.869, indicating a strong bearish sentiment among traders.

This ratio, which compares the total amount of long positions to the total amount of short positions, is at its lowest level since late September 2024.

Furthermore, SHIB's open interest has decreased by 7.67% over the past 24 hours, suggesting increasing liquidation of long positions as the price continues to decline.

Currently, SHIB is trading at $0.0000173, down over 3.8% in 24 hours. During this period, its trading volume increased by 5%.

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