Amid the confusing market sentiment, Shiba Inu (SHIB), the popular meme coin is poised for a notable price decline as it has formed a bearish price action pattern on its daily chart. Shiba Inu (SHIB) could be facing a potential price drop due to a combination of technical pressures and a significant sell-off by major holders, known as “whales.” SHIB’s price has recently declined by 3.57%, dropping below the crucial 200-day moving average—a bearish indicator on the daily chart. On the hourly chart, SHIB has also struggled to break past the 50-day moving average, despite 19 consecutive attempts.