The price of SHIB began to fall after an unsuccessful attempt to break through the resistance line on December 17 and fell below the short-term horizontal support area. This failed breakout and subsequent price drop raise serious questions about the potential for further downward movement and the possibility of strengthening the bearish trend in the Shiba Inu market.

Technical analysis shows that since June 2023, Shiba Inu has been trading inside an ascending parallel channel. However, after reaching a peak in December 2023, the price began to decline. At the beginning of the year, SHIB fell below the channel's median line and continued to move in its lower part. The daily Relative Strength Index (RSI) gives bearish indications, being below 50 and continuing to fall.

The six-hour technical analysis also confirms the bearish forecast. If the Shiba Inu price continues to correct, it may decrease by another 12% and reach the next nearest support at $0.0000077. However, a return to the channel's median line could provoke a 10 percent rise to the resistance line at $0.0000095.