Shiba Inu (SHIB): Not Adding Zero, Price Takes U-Turn

Popular meme cryptocurrency Shiba Inu or, as it better known, $SHIB, has managed to dodge what its enthusiasts feared most — being stuck with another zero in its price.

After a brutal "Black Friday" sell-off on Oct. 10, the meme coin dipped to below $0.00001 zone, but it was not for long, as the next week, $SHIB already managed to find short-term footing around $0.0000102.

But, and it is a big one, the problem is that nothing really changed. Shiba Inu coin is still sitting 70% below where it was last December, with a market cap now around $6.9 billion, and whales keep dumping. At the start of the week their wallets had about 21 billion $SHIB but now close to 92 billion.

Exchange balances also went up — 276 trillion tokens compared to 275 trillion on Sunday. So, coins are still being moved to sell.

$SHIB price prints bearish pattern

The hidden bearish signal, as usual, is in the price chart, as the ominous pattern — a descending triangle — with the floor at $0.00001052, was tested in April, June and again during the October crash. That is a classic break and retest setup, which usually points lower, and if it plays out, $SHIB can go straight to $0.000006.

Right now, buyers managed to hold the line and avoid the zero. But whales are still selling, on-chain numbers are down and the chart is ugly. The bounce might not last long.