Amid a sluggish performance seen within the cryptocurrency market so far this Saturday, Shiba Inu's price remains exposed to downside risks amid growing concerns amongst the trading community.

Industry experts believe that the recent choppy trading in SHIB may create a sense of complete confusion amongst the investors, weighing negatively on the sentiment around the canine-inspired meme coin.  

The recent price downtrend was fuelled by the broad criticism of the centralization of Dogecoin supply, which has not gone down well for both Shiba Inu and Dogecoin.

On Friday, Shiba Inu's price closed in the green for the first time in seven days, rebounding from two-week lows of $0.000006848 level.

As observed on the daily chart, Friday’s price rebound comes after the SHIB confirmed a symmetrical triangle pattern breakdown earlier this week.

The SHIB price bulls bounced off the key support at the August 9 low of $0.00000685, around where the horizontal trendline support aligns.

In doing so, SHIB's price recaptured the 50-Daily Moving Average at $0.00000720 level. Further, the bulls extended control and briefly regained the 100-DMA, although it failed to survive above the latter.

The bullish reversal pattern met strong resistance at $0.0000080, which is the intersection of the triangle support level and the short-term critical 21-DMA.

Meanwhile, the 14-day Relative Strength Index has turned flat but still holds below the 50.00 thresholds, suggesting that any price recovery attempt is likely to remain shallow.

On the other side, the bears could once again test the 50-DMA support level, below which the abovementioned critical support level at $0.00000685 could continue to guard the downside.

Only a daily closing above the fierce confluence resistance level at $0.0000080 could negate the bearish bias in the near term.

Further up, SHIB buyers could target the weekly highs at $0.00000870.