After an expected breakdown from its descending triangle setup, Shiba Inu’s [SHIB] bear run expedited to flip its immediate support to resistance around the $0.0118-mark. (For brevity, SHIB prices are multiplied by 1,000 from here on).

Here’s AMBCrypto’s Price Prediction for Shiba Inu [SHIB] for 2023-24

Consequently, the sellers re-entered the market to propel a pull toward the $0.0103-baseline. A conceivable break below the current pattern could spur a near-term decline before a likely rebound.

At press time, SHIB was trading at $0.01131.

Source: TradingView, SHIB/USD

While the SHIBArmy induced a buying spree from mid-June to mid-August, SHIB swayed to touch its three-month high on 14 August. Since then, the sellers have re-entered the market to pull the price below the constraints of the 50 EMA (cyan).

Nonetheless, with the gradual buying pressure mounting up, SHIB bulls flipped the two-month trendline from resistance to support. But, is this enough to sustain a rally?

Looking at the bearish pennant setup on the daily chart, sellers could be keen on inflicting a pulldown from the confluence of the 50 EMA and the $0.0118-resistance. This rejection of higher prices could propel a decline below the pattern. A close below the 20 EMA would further reaffirm these chances.

A decline below the pattern could propel a retracement towards the $0.0105-$0.0103 range. An eventual jump above the $0.0118-level would confirm the invalidation of the press time bearish bias.

Additionally, the volume oscillator marked lower peaks during the recent growth on the chart. This reading highlighted a slight weakness of