Shiba Inu (SHIB) edged further down on Nov. 24 as its appeal amid the ground forces of retail traders, who helped information technology rally by more than 535% to a record high of $0.00008854 earlier this twelvemonth, declined.

SHIB's price dropped by almost 60% subsequently establishing the said all-time high on Oct. 28, signaling that traders accept been actively locking their Shiba Inu profits. That has further resulted in a substantial drib in SHIB's benchmark musical instrument of SHIB/USDT volumes on Binance, underscoring a weak retail interest.

In doing so, SHIB's reported market place capitalization slipped to $21.30 billion from around $28.31 billion in merely five days commencement on Friday.

SHIB/USDT daily price nautical chart. Source: TradingView

Google'south keyword search information also showed a failing interest in the "Shiba Inu" markets, with its score on a 12-month timeframe dropping down from a perfect 100 to twenty, much in line with SHIB's 60% toll correction.

Alex Krüger, an independent market analyst, referred to the dropping Google Trends for the keyword "Shiba Inu" as a sign that the token has been topping out — i.e., the beginning of its bear cycle.

Net searches for the keyword "Shiba Inu." Source: Google Trends

More sell-off ahead?

The latest tour of selling in the SHIB market pushed its prices beneath a critical up sloping support (the velvet trendline), triggering its potential to undergo further declines.

For example, the levels divers inside the telescopic of the Fibonacci retracement graph, drawn from a swing low of $0.00000614 to a swing high of $0.00008933, provided potential entry and leave points as SHIB'due south price trended lower, as shown in the chart below.

SHIB/USDT daily toll nautical chart featuring Fibonacci retracement levels. Source: TradingView

Information technology appears SHIB'south latest price had it exam the 0.618 Fib line at $0.00003792 equally its acting support level. A rebound off the said toll flooring raised SHIB'south potential to retest the upwardly sloping trendline as resistance, which coincides with the 0.5 Fib line at $0.00004773.

Conversely, a move below $0.00003792 may hazard sending SHIB'southward price to the 0.786 Fib line at $0.00002394. Market analyst IncomeSharks besides highlighted the area effectually $0.00002394 as a potential "buy zone" while referring to a weekly SHIB chart.

SHIB price bull flag setup

Offsetting the sell-off fears in the SHIB market is the occurrence of a potential bull flag setup.

Related: Shiba Inu in danger of 'topping indicate' as SHIB price loses 50% in 3 weeks

In particular, SHIB'southward cost has been trending lower inside a downward sloping channel since topping out at $0.00008854 on Oct. 28. The channel more or less appears like a bull flag, a bullish continuation indicator that appears as a consolidation phase following a strong movement higher, as shown in the chart below.

SHIB/USDT daily price chart featuring bull flag setup. Source: TradingView

Typically, traders place their upside target at a length equal to the summit of the previous uptrend (chosen a flagpole), anticipating that the musical instrument will suspension in a higher place the flag range with higher volumes. As a result, SHIB has the potential to rally by as high equally $0.00005100, its flagpole's acme.

That puts the Shiba Inu token en road toward $0.00010000.

The views and opinions expressed hither are solely those of the author and do non necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves gamble, yous should conduct your own enquiry when making a decision.