Shiba Inu (SHIB) has broken below a key support line that had underpinned its price for more than a month, deepening doubts about the possibility of a short-term rebound.

On April 13, blockchain media outlet The Crypto Basic reported that Shiba Inu fell below an uptrend line on the daily chart and also showed a bearish signal on the weekly chart.

Shiba Inu fell 3.3 percent on Sunday, giving up all of its gains from early last week. It posted a weekly bearish candle for the first time in three weeks. That signals the direction of price moves is tilting lower again.

The level that drew market attention in this decline was a dynamic support line that had extended from March 8. This zone has supported the price since Shiba Inu slid as low as $0.00000523 intraday. At the time, the price was close to its lowest level after plunging to $0.000005 on Feb. 6, and whale investors defended the zone, allowing Shiba Inu to raise its lows above the trend line.

But after a drop of more than 3 percent, Shiba Inu fell below the trend line and closed at $0.00000577. The outlet pointed to the move as a "decisive breakdown" marked by a long-bodied candle close, rather than a false break or a short wick. That means selling dominance has become clear, rather than a temporary dip below the line.

The technical picture has also worsened. Shiba Inu had not regained its highs above the uptrend line, but had kept rebound hopes alive by gradually raising its lows. With this break, that structure has been shaken, prompting an assessment that it is exposed to further declines. On the weekly chart, a bearish engulfing pattern appeared as last week’s 3.8 percent drop completely covered the prior week’s bullish candle. The original report said this was "a sign that sellers have regained control of the market."

Falling trading volume was also cited as a burden. With no sign of a bullish divergence or a clear positive signal, volume has also declined, suggesting market participants have become more inclined to wait and see. Below the current zone, $0.0000052 was presented as the next key support. If that level breaks, Shiba Inu could test the Feb. 6 low zone again.

Still, one remaining variable in the decline is that Shiba Inu has stayed within a parallel channel formed since March 11. The price has recently fallen to the lower support area of the channel but has not yet broken out of it. That is why the channel floor is cited as the last line of defense. The outlet said that if that area also breaks, a bearish turn could become more clearly established.

Ultimately, Shiba Inu’s near-term direction depends on whether it can hold the lower end of the parallel channel after breaking the uptrend line. With the technical basis for a rebound weakening, the market is looking to $0.0000052 and the defense of the channel floor as the next benchmarks.