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An analyst has pointed out how Shiba Inu’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 “Parallel Channel,” which is a type of consolidation channel that forms whenever an asset’s price trades between two parallel trendlines.
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.
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.
