Shiba inu (SHIB), the world's second-largest meme token by market value, dropped sharply along with the broader market, triggering a bearish price pattern. However, the token has outperformed its peer dogecoin (DOGE).

Prices declined 5% from $0.000012888 to $0.000012188 over the 24 hours, crowding out over $1 million in leveraged bets, most of which were long positions, a sign that the market was skewed bullish, according to data source Coinglass.

Robust resistance was established at $0.00001237 level during high-volume liquidation, with support emerging at $0.00001197.

More importantly, the decline marked a downside break of the contracting triangle identified by trendlines connecting Jun. 22 and Sept. 1 lows and May 12 and Jul. 21 highs. In other words, the range play has resolved bea

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