Shiba Inu (SHIB), a top meme token, is in a downward triangle pattern, say experts. If this trend continues, the triangle might break downward. SHIB is close to the lower trend line, which is a crucial support level. When a token's price drops, a descending triangle might form, showing the price could keep going down, as experts note. They also suggest SHIB might break below the support line.

Key Factors in SHIB

SHIB's relative strength index (RSI) sits at 50.0, showing a neutral stance and declining. This could mean more cryptocurrency is being sold than bought. The Elder-Ray Index, which gauges the strength of altcoin buyers and sellers, has been mostly negative since April 9, indicating bearish dominance. SHIB's Elder-Ray Index was -0.0000017.

If the bears push SHIB below the lower trend line, Fibonacci Retracement data suggests SHIB's value might drop below $0.00002 to $0.000013. However, if sentiment changes and bulls take over, SHIB could rise to $0.000027. Despite SHIB's value declining, futures market players are holding strong, with open futures positions rising since May.

Positive Signs for SHIB

According to Coinglass, SHIB's open futures interest, which was $66 million, has increased by 20% since May 1. This indicates new positions are being taken. Additionally, SHIB's funding rate on crypto exchanges remains positive, signaling demand for leveraged positions toward a price increase.

In conclusion, experts observe a descending triangle forming in Shiba Inu's market, suggesting possible further price declines. However, positive indicators such as increased futures interest and a positive funding rate offer hope for potential price rebounds in the future.