The price of the SHIBA INU token declined 1.42% over the past 24 hours to $0.00000779, down from $0.00000790 as of July 25, 2023. Here are some key observations from analyzing the recent price action:

Breakdown from Ascending Channel

SHIB broke support of an ascending price channel that had contained the price action since late June. This suggests a shift in the short-term trend from upside to downside.

Bearish Divergence on the 4H Chart

The 4-hour RSI formed lower highs while SHIB formed higher highs, creating bearish divergence. This warned of faltering upside momentum before the breakdown occurred.

Potential Double Top Pattern

The two tops around $0.0000080 form a potential double top reversal pattern on the daily chart. A confirmed breakdown below $0.0000075 would activate this bearish pattern's downside target.

Prediction: Continued Choppy Consolidation

My prediction is continued range-bound consolidation between $0.0000075 and $0.0000080 in the coming days barring any major catalysts. The breach of the ascending channel warns of limited upside potential. A break below $0.0000075 would open up downside toward $0.0000070.

Should You Buy the Dip in SHIB Here?

With SHIB pulling back 1.42%, is this an opportunity to buy the dip? Dollar cost averaging can reduce timing risks when building a position. However, I would wait for confirmation of a bottom before entering. This could come as a bullish RSI divergence or a double bottom pattern. Patience is prudent rather than trying to pick the bottom aggressively.

Can SHIB Spark a New Sustained Uptrend?

While SHIB has seen a slight bounce in recent weeks, the longer-term weekly chart remains in a downtrend. For a new sustainable uptrend to form, SHIB needs to breakout above the $0.0000090 - $0.0000010 resistance zone. This area marks the 50-week moving average and a Fibonacci retracement level.

In summary, SHIB is lacking bullish confirmation signals so far. A weekly close above resistance would signal a trend reversal. In the short-term choppy consolidation between $0.0000075-$0.0000080 is expected barring a breakout in either direction.

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