The SHIB token has experienced a market correction, losing 27.54% after a breakout from a consolidation phase. The breakout was driven by increased market optimism and trading volume, but resistance near the peak triggered a sharp retracement. SHIB is currently trading near a critical support level within an ascending disjoint channel. Holding this support will be crucial for determining the token's next move. If support holds, SHIB could aim for a recovery and target higher resistance levels. However, if support at the current level fails, the token could experience more profound losses. On-chain metrics also present a cautious outlook, with a shift in sentiment among traders and a significant amount of long liquidations. This suggests that market participants expect further downside for SHIB in the near term.



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