Experts have identified a descending triangle formation in Shiba Inu's (SHIB) price chart, hinting at a potential continuation of the downward trend. With SHIB trading near the lower trend line, a critical support level has been formed. If the market sentiment remains bearish, a break below this level could trigger a further price drop.

The Relative Strength Index (RSI) of SHIB is currently at the neutral line of 50.0 and declining, suggesting a potential shift from accumulation to distribution among market participants. The Elder-Ray Index, which measures buyer and seller strength, has been predominantly negative since April 9, indicating bearish dominance.

If the bears gain control, SHIB's value could fall below $0.00002, potentially trading at $0.000013. However, if the bulls regain control, the price could rise to $0.000027. Despite the decline, futures market participants remain optimistic, with a 20% increase in open futures positions since May 1. The positive funding rate on cryptocurrency exchanges also suggests a demand for leveraged positions, hinting at a potential price increase.

Overall, Shiba Inu's chart pattern and indicators suggest a critical juncture, with the potential for a continued downward trend or a reversal towards a price increase. Market participants are eagerly watching the next move, as the meme token's value hangs in the balance.