The Shiba Inu (SHIB) price trades below long- and short-term diagonal resistance levels. It recently validated a confluence of resistances, increasing its legitimacy.
Both short- and long-term time frame readings support the continuing decrease. Thus, the meme coin is likely mired in a bearish trend.
Shiba Inu Price Breaks Down and Validates 350-Day Pattern as Resistance
The technical analysis conducted on a weekly time frame suggests a decisively bearish outlook for the Shiba Inu price. This assessment is primarily based on the breakdown of a symmetrical triangle pattern that has been present since June 2022.
When the pattern was breached, the price had traded inside it for a duration of 350 days. Breakdowns from such long-term patterns usually lead to sustained downward movements.
Following the breakdown, the SHIB price reached a horizontal support level at $0.0000058 and experienced a rebound. This support level has not been observed since the end of 2021.
While the level successfully initiated a bounce, the triangle’s support line rejected the SHIB price (red icon). Therefore, it is likely that the trend is still bearish.
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Author: Valdrin Tahiri
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