Shiba Inu’s (SHIB) price has fallen since December 17, 2023, when a diagonal resistance trend line rejected it.

SHIB trades below a horizontal support area and inside a short-term bearish pattern.

Shiba Inu Consolidates Below Resistance

The technical analysis of the daily time frame shows that SHIB has fallen since the resistance trend line of an ascending parallel channel rejected it on December 17, 2023 (red icon).

After initially bouncing above the $0.0000093 support area, SHIB broke down on January 22. SHIB validated it as resistance (red circle) on January 29 and has fallen since.

The daily Relative Strength Index (RSI) is bearish. When evaluating market conditions, traders use the RSI as a momentum indicator to determine whether a market is overbought or oversold and whether to accumulate or sell an asset.

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Author: Valdrin Tahiri

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