When I look at Shiba coin, I see a serious technical break in recent days. SHIB has fallen below the rising trend line it has held for more than a month, and this makes me a bit worried. Yesterday it dropped by over 3%, and it gave back everything it gained last week. Looking at the weekly chart, there is also a dark bearish engulfing candle, which is a strong sign that momentum has shifted.

From a technical perspective, breaking this support level leaves Shiba coin exposed. Since the low on 8 March, this dynamic support zone has protected prices, but we’ve now broken it. There is now a downward trend, and the next strong support point is around 0.00000520. If this level is broken as well, SHIB could retrace all the way to the earlier February declines.

However, there’s no need to be completely pessimistic. SHIB is still moving within a parallel channel that formed since March, and the lower band of this channel could be the last line of defense. Trading volume is decreasing, and market participants are acting cautiously, but I’m not seeing any bullish divergence or positive signals at the moment. It’s important to closely monitor how Shiba coin will break out from these levels.