Can the rally bring SHIB back to $0.00001295
Since July 23, the meme coin has been moving in a descending parallel channel. During this time, it has decreased by double digits. This bearish pattern forms when the price of the asset consistently creates lower highs and lower lows, creating two parallel trend lines that slope downward. This indicates a sustained downtrend caused by weakening investor confidence and low demand.
If sellers increase pressure, the altcoin may test support at $0.0000167. If this level does not hold, the price could drop to $0.00001004. On the other hand, if demand increases and the holding time of tokens lengthens, SHIB could reverse the downtrend and rise to $0.00001295.