Where will SHIB find its bottom? Despite positive adoption news, Shiba Inu faces a bearish setup that could see it fall a further 30%.
Shiba Inu facing more yearly losses
increases as it stays on the path toward its"symmetrical triangle" breakdown target near $0.00001197. The level, which sits around 30% below May 6's price, results from a technical rule that measures symmetrical triangles' profit targets by adding the maximum distance between the structure's upper and lower trendline to the breakout/breakdown point.Nevertheless, SHIB's shorter-timeframe charts reflects an interim bullish bias.near $0.00001667, which has served as an accumulation zone for traders three times since October 2021.
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's upper trendline near $0.00002000 acting as the interim upside target for the May–June period.Meanwhile, SHIB's daily relative strength index has dipped below 30, an oversold territory that could further catalyze a short-term rebound.
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