Summary
TLDR: Shiba Inu (SHIB) price is trading in ascending parallel channel patterns, with a failed breakout attempt in February. Technical analysis suggests more downside is expected due to price action and RSI readings, but breaking out from the channel could indicate a local bottom. This information is for informational purposes only and not financial advice.
Key Points
1. The Shiba Inu (SHIB) price trades inside long- and short-term ascending parallel channel patterns.
2. SHIB made a breakout attempt on February 15 but failed to sustain the upward movement and fell afterward.
3. The technical analysis of the daily time frame shows that the SHIB price has traded inside an ascending parallel channel since June 2023.