Shiba Inu is “hanging on for dear life” after SHIB’s 75% decline from record high

Key Takeaways:

• Shiba Inu (SHIB) dropped 14% in a week, as it “held on” to a significant support level.
• The bears might count their gains, as the token painted a “Descending Triangle.”
• Shiba’s adoption grew in the previous week, but will it be enough to save SHIB from a free fall?

YEREVAN (CoinChapter.com) – Meme coin Shiba Inu’s native token SHIB traded at $0.00002312 in Tuesday’s New York session, after a red crypto week shaved nearly 14% off its value. A crypto analyst on TradingView described the digital asset’s position as “hanging on for dear life,” as the token grappled with crucial support at $0.00002347 on Mar. 7.

They also asserted that if SHIB dropped below the said line, it “could bring the price down towards the green support bar below @ 2060,” as pictured on the chart below.

Also read: Shiba Inu price eyes 50% rally as SHIB paints inverse head-and-shoulders.

Bearish future for Shiba Inu?

Moreover, on Mar. 8, SHIB lost the said support and formed a bearish setup dubbed the “Descending Triangle.” The latter features a down-sloping resistance line that caps the token’s upside attempts. The pattern also includes a flat support trendline that prevents sharp breakdowns.

Once SHIB’s sideways consolidation within the Triangle ends, the token could lose another 50% in value and drop to $0.000012: a freefall equivalent to the largest distance between the trendlines.

Furthermore, the chart above shows a decline in the trading volumes (vertical bars at the bottom). The latter could be a sign of traders’ indifference. But then again, the crypto market as a whole slashed its market cap by 43% since peaking at $3.0 trillion on Nov. 10, 2021.

Also read: ‘Doge Killer’ token surges 46% after Shiba Inu creators announce metaverse lands for LEASH holders.

Notably, SHIB already shed 75% off its record value at $0.000088 on Oct. 28. However, the active Shiba Inu’ army’ didn’t seem discouraged and pushed for further SHIB adoption.

SHIB listed on Wirex

As announced on Mar. 7, the Shiba Inu token was listed on the British digital payment platform Wirex, alongside Terra (LUNA), Cosmos(ATOM), and others.

The inclusion means over 4.5 million Wirex users can receive, send, store and exchange Shiba Inu tokens across its app, wallet, and payment platforms.

Moreover, Australian energy company 1st Energy announced it would accept payments in SHIB and other cryptos. The list included leading digital assets, like Bitcoin, Bitcoin Cash, Ethereum, Litecoin, etc.

Also read: Gold outruns Bitcoin as XAU hits 18-month high amid worsening Ukraine-Russian conflict.

Despite the growth of Shiba Inu’s acceptance, the token’s future is not clear. Furthermore, It is hard to make predictions, considering the unstable environment in the global economy. The macroeconomic turmoil affected Bitcoin and, by extension, the altcoin market. Thus, the upcoming sessions will show if the bearish technicals outweigh the meme coin’s adoption after all.