Just noticed SHIB price took a pretty hard hit on Sunday, down over 3% and basically wiping out all the gains from last week. First red weekly candle in three weeks which is never a good sign.

The concerning part is that SHIB broke below this ascending trendline that's been holding it up since early March. This wasn't some small wick either—it was a clean breakdown on good volume. The price closed around $0.00000577 after that move, which means it lost a key support level that had been doing work for weeks.

Looking at the weekly chart, there's also a bearish engulfing pattern forming. Last week's 3.8% drop basically swallowed the previous week's gains, so bears seem to be taking back control. With volume drying up and no real bullish signals showing, the next support to watch is around $0.00000520. If that breaks, we're looking at a test of the February lows.

That said, SHIB is still within this parallel channel that started back in March, which could act as a last line of defense. But honestly the momentum doesn't look great right now. If you're holding, this is probably a good time to be cautious on SHIB price action.