The Shiba Inu (SHIB) price is has fallen since a resistance trend line rejected it on December 17, 2023.

Shiba Inu also fell below a short-term horizontal area. Will it reclaim it, or will the downward movement continue?

Shiba Inu Trades Under Resistance

The technical analysis of the daily time frame shows that the Shiba Inu price has traded inside an ascending parallel channel since June 2023. The increase led to a high of $0.00000120 on December 17, 2023. 

Then, the channel’s resistance trend line rejected it, and the SHIB price has moved downward since.

At the start of the year, SHIB fell below the channel’s midline and then decreased below a short-term horizontal area on January 21, 2024. Shiba Inu trades in the channel’s lower portion. 

The daily Relative Strength Index (RSI) gives a bearish reading.

Traders utilize the
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Author: Valdrin Tahiri

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