Shiba Inu Price Takes a Hit After Breakout

Shiba Inu's price has cooled off after breaking out of a months-long descending channel on its 4-hour chart. The token ran hard, but then pulled back to roughly $0.00000505, down about 9.3% over the past 24 hours.

The breakout itself was not due to any listing news or partnership drop. Instead, it was driven by leverage and fresh longs chasing the move.

However, this pullback has led to a wave of long liquidations, which added downward pressure on top of ordinary profit-taking.