SHIB price eyes 30% drop with Shiba Inu’s massive triangle breakdown underway By Cointelegraph


SHIB price eyes 30% drop with Shiba Inu’s massive triangle breakdown underway

Shiba Inu (SHIB) price dropped by over 10% to $0.00001641 on May 9 amid a broader crypto market decline. This year, SHIB’s returns were 50% below zero, one of the worst performances by a top-ranking cryptocurrency in 2022.

Last week, luxury fashion brand Gucci named Shiba Inu in the list of tokens it would accept for payments in five of its U.S.-based stores. Nonetheless, the bulls have ignored the major adoption news as SHIB price continues to fall under macro and technical pressures.

daily price chart. Source: TradingView
SHIB/USD weekly price chart featuring ‘symmetrical triangle’ breakout. Source: TradingView
SHIB/USD daily price chart featuring descending parallel channel setup. Source: TradingView