Shiba INU‘s price could be at the foothills of a major drop that may drag the price towards new yearly lows. Despite a minor recovery at the moment, the asset remains within a very consolidated region, which remains the crux of the matter. Moreover, a huge drop in the reserves is recorded, which may further intensify the bearish trend.
Therefore, it is the time when the bulls are required to step in and sweep the SHIB price from its lows.
The SHIB price has already eliminated the summer gains and also failed multiple times to reclaim the lost levels. Meanwhile, due to a drop in selling pressure, the price witnessed a minor upswing, but as the buyers have not stepped in, a flip may occur to the south any time from now.
However, the price still remains above the June lows which manifests the possibility of a decent rebound. Conversely, the volume has bottomed hard which is a huge matter of concern that may squash the possibility of an upswing. In such a case, the SHIB price is expected to mark lows around $0.00000550 which may further extend to $0.00000360 if the bulls continue to remain aloof.
Meanwhile, if the bull jumps in, a jump beyond $0.00001 is quite possible, which may further invalidate the bearish thesis. Conquering these levels may further trigger an upswing beyond $0.000013 that may lead to a price rise of more than 40% from the current levels. Therefore, the upcoming couple of weeks could be extremely crucial, as a rise in the buying volume may only prevent the Shiba INU (SHIB) price from drowning in a deep bearish well.
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Source: https://coinpedia.org/price-analysis/shiba-inu-price-action-appears-troublesome-may-form-new-lows-before-the-end-of-2022/