Summary
TLDR: Shiba Inu’s price broke out from a short-term descending resistance trend line but did not sustain the upward movement. It is now trading under a longer-term descending resistance trend line and in the lower portion of a corrective pattern. The RSI is trending downward, indicating a bearish trend, and the future trend will depend on whether the price breaks below a certain area or breaks out from the channel.
Key Points
1. SHIB’s price broke out from a short-term descending resistance trend line but did not sustain its upward movement.
2. SHIB trades under a longer-term descending resistance trend line and in the lower portion of a corrective pattern.
3. The weekly time frame technical analysis shows the SHIB price has fallen under a descending resistance trend line since August 2022, with the resistance trend line causing numerous rejections, the most recent in December 2023.