The Shiba Inu (SHIB) price bounced on January 8, validating a horizontal support area while doing so.

Can SHIB sustain its bounce and break out from its corrective pattern, or will more downside follow?

Shiba Inu Breakout and Retest

The technical analysis on the weekly timeframe reveals that SHIB’s price experienced a decline beneath a descending resistance trend line starting from August 2022, reaching a low of $0.0000054 in June 2023. 

Despite the drop, SHIB showed resilience and has recovered since.

After numerous unsuccessful attempts to break out, SHIB broke through the descending resistance trend line in December, which had been in place for over 480 days.

Despite reaching a peak of $0.000011 post-breakout (red icon), the price has since declined. Last week, SHIB confirmed the former resistance line as support (green icon) before rebounding.

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Author: Valdrin Tahiri

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