The Shiba Inu (SHIB) has been on a downtrend since August, nearing its lowest point of the year.
During this period, it also slipped below the $0.0000080 support level, which had provided support for more than a year.
Shiba Inu Approaches Yearly Lows
The weekly timeframe analysis shows a Shiba Inu downtrend in place since a long-term descending resistance line rejected the price in August. The trendline has stood for 434 days.
Since the rejection, the altcoin also fell below a critical horizontal support area at $0.0000080. The support has been in place for a year, with the exception of a deviation in June (green circle).
After such a breakdown, the price often retests the same area and confirms it as resistance.
This, however, was not the case with Shiba Inu. Rather, the meme coin just resumed its descent.
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Author: Valdrin Tahiri
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