The Shiba Inu (SHIB) price has decreased since December 27, 2023. It recently broke down from a horizontal support area.

SHIB trades in a short-term bearish pattern, a breakdown from which can further accelerate the rate of decrease.

Shiba Inu Falls Below Resistance

The technical analysis of the daily time frame shows that the SHIB price has traded inside an ascending parallel channel since June 2023. The movement inside the channel led to a high of $0.0000120 on December 17.

However, the SHIB price has fallen since, which was sparked by a rejection from the channel’s resistance trend line (red icon). 

Recently, SHIB fell below a horizontal resistance area and validated it as resistance. This also confirmed the presence of a shorter-term descending resistance trend line, existing since the high mentioned before.

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

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Author: Valdrin Tahiri

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