- Shiba Inu price has slipped below a technical triangle, signaling a downward bias.
- An abrupt break in the meme season has seen AVAX reclaim its position in the top 10.
- Crypto.com exchange has modified its app name to promote SHIB on the Google PlayStore and the App Store.
Shiba Inu (SHIB) price is in a catch-22, filling up a triangle on the technical chart amid an ongoing meme coin cool-off. The abrupt break of the meme coin season came on the back of whales moving large volumes of their holdings to exchanges.
SHIB loses tenth position overall to AVAX
After a cool-off among meme coins, Shiba Inu has lost its position among the crypto top 10 with Avalanche (AVAX) beating the meme coin on market capitalization metrics. It follows a recent surge in AVAX price after the token distinguished itself, rising 15% as most altcoins pulled back. With a difference of about $2 billion in market capitalization, AVAX is back in position ten.
Meanwhile, as meme coins attempt a recovery, Shiba Inu price has filled up a triangle, and the next directional bias seems likely to be downward. That signal, however, will arrive pending a confirmation. Key levels to watch are $0.00003695 to the upside and $0.00003000 to the downside. A daily candlestick close above or below these levels would certify the meme coin’s next directional bias.
In the meantime, however, the market is leaning in favor of the downside with momentum falling as shown by the descending Relative Strength Index (RSI). A decisive crossover below the 70 threshold would signify that SHIB is ripe for selling, likely triggering a sell-off.
The histograms of the Awesome Oscillator (AO) indicator accentuate the bearish thesis, showing large red bars to signify the dominance of bears in the SHIB market.
SHIB/USDT 1-day chart
Notably, however, Shiba Inu price could provide another buying opportunity around the $0.00003000 psychological level. Traders seizing this chance could see SHIB pivot here before the next leg up.
In a post on X, renowned SHIB enthusiast Leonidas indicated that popular cryptocurrency exchange Crypto.com has demonstrated support for SHIB, just like it did in the past for Bitcoin (BTC) and Ethereum (ETH).
Specifically, the trading platform has promoted the meme coin on the Google Play Store and Apple’s App Store, two of the world’s biggest mobile application vendors, by modifying the title of its mobile app. Now, Crypto.com mobile app goes by “Crypto.com – Buy BTC, SHIB” from the initial “Crypto.com—Buy BTC, ETH.”
“The true power and raw unseen dominance is coming like nobody has ever seen before,” said Leonidas, and the community speculates what could be in store for SHIB.
