Shiba Inu Loses Its 'Good Boy' Status as Key Support Goes to the Dogs

Shiba Inu ($SHIB) just had a ruff day, dropping 3.3% on Sunday to completely surrender all gains from the previous week. The meme coin printed its first weekly red candle in three weeks, signaling that momentum has flipped to the bearish side—and it's not a false alarm. Looks like someone's good boy privileges have been revoked, and this time the vet bill isn't covered.

On the daily chart, SHIB broke below an ascending trendline support that has been cushioning prices since March 8, when the token hit an intraday low of $0.00000523. The breakdown wasn't a minor wick or fake-out—it was a full-bodied candlestick close at $0.00000577, indicating serious selling conviction. This marks SHIB's lowest price since the February 6 crash to $0.0000050, when whales actually stepped in to defend that level. The chart looks less like a sleeping dog and more like one that's been put outside in the cold.

The weekly picture isn't helping either. SHIB's 3.8% decline last week formed a classic bearish engulfing pattern, swallowing the prior week's green candle whole. Bears are back in control, and there's zero bullish divergence in sight. Trading volume is also drying up, suggesting market participants are sitting on their hands as the dip unfolds. Apparently, even the most die-hard Shiba fans are taking a bathroom break from this chart.

Looking ahead, $0.00000520 stands as the next line of defense. A break there sends SHIB right back to those February lows. The only sliver of hope? SHIB remains nestled within a parallel channel that formed on March 11—but it's currently pressed against the lower band. That's the last line of defense before things get really ugly for the dog-themed token. At this point, even the most optimistic holder is nervously checking if they left the stove on.