Shiba Inu Price Breaks Down from Descending Triangle Pattern

The Shiba Inu cryptocurrency price has broken down from a descending triangle pattern that has been building since February. This breakdown is confirmed as the price closed below the horizontal support near $0.0000054 to $0.0000055, which held through March, April, and May.

Currently, all four EMAs remain overhead, acting as resistance rather than support. The 20 EMA sits at $0.00000567, the 50 EMA at $0.00000588, the 100 EMA at $0.00000618, and the 200 EMA at $0.00000718.

The Fibonacci structure shows that the 0.382 Fib level is located at $0.0000061496, which would need to be reclaimed by bulls for any recovery to become credible. However, this level is well above the current price and requires a reversal of the breakdown first.

Below the current price, the February base near $0.0000050 is the only identifiable demand zone on the chart. This makes it the primary downside target for June, with no visible structure between the breakdown level and that floor.