The daily chart shows that the $SHIB
price has dropped sharply after peaking at $0.000033 in December. It has fallen and moved slightly below the 50-day moving average.
There are signs that the coin is forming a bearish pennant chart pattern, which is made up of a vertical line and a triangle. This pattern often leads to more downside.
On the positive side, Shiba Inu remains above the ascending trendline that connects the lowest swings since August. It has failed to move below that level at least six times since then, offering hopes of a rebound.
A drop below that support will be a sign that bears have prevailed, which will lead to more downside, potentially to $0.00001590, its lowest level on Oct. 25.