I just noticed Shiba Inu has been falling again yesterday, down 3,3%, and this is the first red candle in three weeks. It seems the positive momentum that had been holding up for a while is starting to fade. What’s more concerning is that SHIB has finally broken through the support line that has been holding the price since early March. That dynamic support level is $0.00000523, which had served as the floor during the February crash. Now SHIB closed at $0.00000577 with a bearish engulfing pattern on the weekly chart—sellers appear to be getting serious again. Just look at the trading volume too; it’s down as well, so market participants are becoming cautious.

If this Shiba Inu breaks below $0.00000520, it could return to the February low of $0.0000050. The somewhat positive part is that SHIB is still within the parallel channel formed in March, so there’s another line of defense before things get worse. But honestly, all the signals are pointing to the downside right now. There’s no bullish divergence or any other good indications. If you’re holding Shiba Inu, it may be worth monitoring those support levels closely. If this channel also breaks, then we’ll see whether there’s buying interest—or if it keeps falling.