The Shiba Inu (SHIB) price broke down from a short-term continuation pattern on December 17.

IS the breakdown a sign of things to come, or will the SHIB price recover quickly? Let’s find out!

Shiba Inu Retests Diagonal Resistance

The weekly price action shows that SHIB has been on an upward trajectory since hitting a low of $0.0000054 in June. In November, this upward momentum led to a breakout from a descending resistance trend line that had constrained the price for 480 days. Afterward, SHIB moved above a horizontal resistance area.

However, despite the breakout, SHIB has not experienced a significant surge. Rather, it fell sharply today, validating the descending resistance trend line (green icon).

Nevertheless, more than 12 million SHIB tokens were burned in the past 24 hours. This is an increase of more than 300% relative to the previous day.

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Author: Valdrin Tahiri

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