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#Altcoins Rally A Bearish Pennant Signals a Shiba Inu Price Collapse
On the 2-day price chart, SHIB is forming a pennant pattern, which could break in either direction. However, the price is currently trading near the pennant's lower trendline, around $0.00001158, and a clear break below this level could signal a complete pattern breakout. The Shiba Inu price has attempted several rebounds from the lower trendline.
Additionally, the Average Directional Index (ADX) has weakened. It fell from 22 in mid-July to 18.4, indicating waning overall trend strength. A falling ADX near a pattern's support line typically indicates that the price is likely to decline without strong buying interest.
The Average Directional Index (ADX) measures the strength of a price trend, whether it's trending upwards or downwards. A falling ADX indicates that the trend is weakening and not gaining momentum.
If SHIB loses support at $0.0000115, it could fall further, as confirmed by the Input/Output settings. However, for this bearish setting to be invalidated, SHIB must first break above $0.0000132 and $0.0000137. However, if it can break above the pennant resistance, particularly around $0.0000150, the trend will turn bullish.