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

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.

SHIB/USD daily price chart. Source: TradingViewShiba Inu triangle breakdown

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The prospect of Shiba Inu facing more yearly losses increases as it stays on the path toward its “symmetrical triangle” breakdown target near $0.00001197.

The level, which sits around 30% below May 6’s price, results from a technical

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