An analyst has pointed out how Shiba Inu&#8217;s break below the support line of a 
Parallel Channel could open the door to a target of $0.00000138. Shiba Inu Has 
Fallen Under Parallel Channel Support In a new post on X, analyst Ali Martinez 
has shared a technical analysis (TA) pattern that Shiba Inu has seemingly 
broken out of recently. The pattern in question is a &#8220;Parallel Channel,&#8221; which 
is a type of consolidation channel that forms whenever an asset&#8217;s price trades 
between two parallel trendlines. Related Reading: Bitcoin Social Sentiment 
Stays Bearish Even As Price Recovers From $60,000 Drop The upper level of the 
pattern is likely to be a source of resistance, while the lower one that of 
support. If the price manages to escape either of these boundaries, then it 
may be likely to experience a sustained move in that direction. Parallel 
Channels come in a few variants. Channels that have their lines sloped upward 
are known as Ascending Channels, while those with trendlines pointing down are 
called Descending Channels. In the context of the current topic, the third and 
simplest type of Parallel Channels is of interest: a channel that is parallel 
to the time-axis. This type of Parallel Channel corresponds to a phase of true 
sideways movement in the asset. Now, here is the chart shared by Martinez that 
shows the Parallel Channel that the weekly price of Shiba Inu was stuck inside 
for the last few years: As displayed in the above graph, the 7-day price of 
Shiba Inu retested the upper level of the Parallel Channel twice in 2024, but 
each time, the memecoin found rejection. During 2025, the cryptocurrency 
mostly consolidated near the midline of the channel, but the decline during 
the last quarter of the year meant that the coin plummeted toward the support 
line. With bearish price action continuing in 2026, the asset retested the 
level, but it failed to find a rebound and slipped right past it. This could 
be a potential sign that the memecoin is now breaking under the channel. As 
mentioned before, Parallel Channel breakouts can lead to sustained moves in 
the direction of the break. Such moves may end up being of the same length as 
the height of the channel. Based on this, Martinez has highlighted the 
$0.00000138 level, noting that the breakout could have opened the door to it. 
From the current SHIB price, this level is situated around 77% lower. Related 
Reading: Ethereum Whale Selloff Continues As Supply Share Drops Under 75% It 
now remains to be seen how Shiba Inu will develop in the near future, 
considering this development in its weekly chart. SHIB Price At the time of 
writing, Shiba Inu is floating around $0.00000615, down 2% over the last seven 
days. Featured image from Dall-E, chart from TradingView.com

Shiba Inu At Risk of 70% Decline? Price Breaks Below Parallel Channel

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Bitcoin price trades near $68,000 as $2.5 billion in BTC options expire today, 
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Cryptocurrency price in USD