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Meme token ecosystem’s leading token, Shiba Inu (SHIB), has formed a descending triangle according to experts. If the market trend continues downward, this triangle may break downwards. SHIB is trading near the lower trend line, which forms a critical support level. When a token’s price drops, a descending triangle may form to indicate the continuation of downward price movement according to experts. Additionally, the evaluation of SHIB’s price movements suggests a potential break below the support line.
Critical Index in SHIB
The meme token‘s relative strength index (RSI) is at the neutral line of 50.0 and was declining at the time of writing. This situation may signal that the cryptocurrency distribution is about to surpass the accumulation among market participants. The Elder-Ray Index of the cryptocurrency, which measures the relationship between the strength of altcoin buyers and sellers in the market, has been predominantly negative since April 9. When this indicator is negative, bear strength dominates the market. SHIB’s Elder-Ray Index was -0,0000017.
If bears cause a drop below the lower trend line that forms the triangle’s support, data from SHIB’s Fibonacci Retracement indicates that the meme token’s value could fall below $0.00002 and trade at $0.000013. However, if sentiment reverses and bulls regain market control, SHIB’s value could rise to $0.000027. Despite the steady decline in SHIB’s value, futures market participants remained resilient. This is evidenced by the increase in the altcoin’s open futures positions since the beginning of May.
Positive Developments in Shiba Inu
According to Coinglass data, this amount, which was $66 million at the time of writing, has increased by 20% since May 1. SHIB’s open futures interest represents the total number of futures contracts that have not yet been settled or closed. This increase indicates that market participants are entering new positions. Additionally, the meme token’s funding rate on cryptocurrency exchanges remained positive. A positive funding rate can be considered a good sign indicating demand for more leveraged positions towards a rise. This may mean that more market investors are taking positions in favor of a price increase.
