<img src=”https://storage.googleapis.com/prod-zenger-upload/image/20230607/feat_bd38f253-649c-4216-8d29-6e91910479b4.jpg” alt=”Representation of Dogecoin cryptocurrency is seen with Shiba Inu cryptocurrency logo displayed on a screen in the background in this illustration photo taken in Krakow, Poland on June 29, 2021. Shiba Inu (CRYPTO: SHIB) was sliding about 3.5% lower during Wednesday’s 24-hour trading session, in tandem with Dogecoin (CRYPTO: DOGE) and much of the crypto sector. PHOTO BY JAKUB PORZYCKI/GETTY IMAGES”>

Shiba Inu (CRYPTO: SHIB) was sliding about 3.5% lower during Wednesday’s 24-hour trading session, in tandem with Dogecoin (CRYPTO: DOGE) and much of the crypto sector.

The bears were attempting to break Shiba Inu down from a double inside bar pattern, but having some difficulty due to lower-than-average volume.

An inside bar pattern indicates a period of consolidation and is usually followed by a continuation move in the direction of the current trend.

An inside bar pattern has more validity on larger time frames (four-hour chart or larger). The pattern has a minimum of two candlesticks and consists of a mother bar (the first candlestick in the pattern) followed by one or more subsequent candles. The subsequent candle(s) must be completely inside the range of the mother bar and each is called an “inside bar.”

A double, or triple inside bar can be more powerful than a single inside bar. After the break of an inside bar pattern, traders want to watch for high volume for confirmation the pattern was recognized..

On Wednesday, Shiba Inu was giving back the gains it made on Tuesday, when the crypto sector moved higher in tandem with Bitcoin. The crypto could be settling into a bear flag pattern on the daily chart, which it began to form on Monday.

Produced in association with Benzinga

Edited by Saba Fatima and Newsdesk Manager