Shiba Inu’s Fate Hinges On This Support Level, Analyst Warns

A cryptocurrency analyst has pointed out how Shiba Inu is retesting a technical support level that could set the tone for what’s to come.

In the context of the current topic, the third and most basic type is the one of interest: a channel that’s parallel to the time-axis. This pattern corresponds to a phase of complete sideways action in the asset.

Now, here is the chart shared by Martinez that shows the Parallel Channel that the weekly price of Shiba Inu has been trading inside for the last few years:

Shiba Inu has slid down alongside the rest of the cryptocurrency market over the past week, but its losses have been more contained than some other major names. Even so, a weekly return of -9.9% shows that the bearish momentum hasn’t spared the memecoin.