Shiba Inu (SHIB) is under bearish pressure as a rising wedge pattern signals weakening momentum, according to analyst Crypto With Gopal. The token trades at $0.000005153 with a $3.03 billion market cap, down 4.79% in 24 hours. A breakdown below $0.00000520 could trigger further downside, while technical indicators show cooling buying strength. The MACD remains bullish but histogram bars are narrowing, and the RSI at 54.15 indicates fading momentum. Buyers may invalidate the bearish setup by defending key trendline support.
Shiba Inu (SHIB) faces growing bearish pressure as a rising wedge pattern signals weakening momentum. At the time of writing, SHIB is trading at $0.000005153 with a 24-hour trading volume of $82.37 million and a market capitalization of $3.03 billion, according to CoinMarketCap. The token recorded a 4.79% loss over the last 24 hours.
Crypto analyst Crypto With Gopal stated that SHIB is approaching a potentially important technical turning point. The chart is forming a rising wedge near resistance, and buying momentum may be losing strength after the recent advance.
If sellers gain control and price fails to hold the lower trendline, the structure could develop into a bearish reversal. The critical level for this scenario to play out is $0.00000520.
Data from TradingView shows the daily SHIB chart displays a bullish MACD setup, as the MACD line is above the signal line after an uptrend crossover. The histogram is positive, but narrowing bars indicate that buying momentum is waning. The RSI stands at 54.15, well above the neutral level of 50 but still far from being overbought, with its moving average near 57.24.
The price movement of Shiba Inu will be determined by the ability of the bulls to defend the lower trend line of the rising wedge pattern. Failure to do so will strengthen the bears and make it possible for the price to reach $0.00000520.
