The Shiba Inu (SHIB) price broke down from a short-term support but still holds above a long-term one.

Will it be enough to initiate a trend reversal, or will SHIB decrease below the long-term support?

Can Shiba Find Support?

The technical analysis of the weekly time frame shows that SHIB could not sustain its November 2023 breakout. At the time, the Shiba Inu price had broken out from a descending resistance trend line that had existed for nearly 500 days.

The upward movement led to a high of $0.000012 (red icon) before the price started falling.

Since then, the SHIB price has validated the resistance trend line twice (green icons) but failed to initiate any sort of bounce despite trading above the trend line.

The weekly RSI is leaning bearish, though it has not confirmed this yet. Traders utilize the RSI as a momentum indicator to assess whether a market is overbought or oversold and whether to accumulate or sell an ass

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Author: Valdrin Tahiri

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