The Shiba Inu (SHIB) price is trading in the middle of a long-term range between $0.0000060 – $0.0000080.

In lower timeframes, the SHIB price is trading inside a corrective pattern.

Descent Causes Breakdown Below Support

The weekly timeframe technical analysis for the SHIB price gives a bearish outlook because of the price action.

A descending resistance trendline rejected the SHIB price in July (red icon). This created a long upper wick and catalyzed the ongoing downward movement. During the descent, SHIB also broke down below the $0.0000080 horizontal area, which had been providing support.

After such breakdowns, horizontal support areas often turn to resistance. Another touch of the area and subsequent decrease will confirm the $0.0000080 area as resistance. The horizontal area is very close to the descending resistance trendline.

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Author: Valdrin Tahiri

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