Shiba INU (SHIB) price is gaining momentum after a strong rally from lower support. The asset could break out of a huge bearish triangle that has been followed for over 8 months. However, if the current breakdown was just a fake, a reversal price action could pull the price below $0.00001 again.
Since the May crash, the price of SHIB was hovering within a parallel channel between $0.000012 and $0.00001. Although the recent crash dragged the price very low, the asset was able to sustain around $0.000055 from the end of the defense. While the path towards these lower supports was fairly certain, a large influx of buying volume propelled the price above the lower support levels.
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Currently, the price is attempting to reach the upper trend line with the aim of slicing through these levels and paving the way towards the next resistance. But the property may face heavy rejection at the end of the month.
SHIB price is quite bearish on the higher time frame as it is continuously testing lower highs and lows within a descending triangle. On the other hand, the next move is also quite uncertain as the previous triangle was extended with new levels when the price reached the top of the consolidation. Hence, if the same pattern repeats, SHIB price may continue swinging within the range bound levels for a long time.
However, some minor points are indicating that the asset may barely bounce back from lower support and maintain strength. Firstly, the volume has increased somewhat, largely dominated by bulls. Secondly, indicators like RSI are moving towards upper resistance, while MACD is also bullish.
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Therefore, despite a clear path towards $0.00001698, price of Shiba (SHIB) may still face major volatility along with the current level of $0.00001. A clear break above the $0.0000012 level could only be valid for an upside move that could reduce the bearish effect within a bearish triangle.