The analysis of the weekly chart of the Shiba Inu (SHIB) cryptocurrency shows an upward trend since June, when its price reached a minimum of $0.0000054. In November, SHIB overcame a long-term downward trend line that had been in place for 480 days and broke out of the horizontal resistance zone.

However, despite these achievements, there was no significant price increase. On the contrary, it recently experienced a sharp decline, touching the downward trend line again.

While the weekly chart shows a neutral trend, the daily chart indicates a bearish trend. Since June 2023, SHIB has been within an ascending parallel channel, typical for corrective movements. Recently, the price of SHIB broke down from a symmetrical triangle, which could signal the end of the upward trend. There is a risk of further price decline of SHIB below the support level of $0.0000095.

The Relative Strength Index (RSI) also indicates a bearish trend, having fallen below the neutral level of 50 and continuing to decline. If this trend continues, the token's value could fall by 20%, reaching the channel's support line at $0.0000075. However, if SHIB manages to stay above the support level of $0.0000095, a price increase of 35% to the channel's resistance level at $0.000013 is possible.