The Shiba Inu (SHIB) price has finally reached the support line of a long-term pattern. The price is in the process of initiating a bounce, but its validity has yet to be confirmed.
If the price were to break down from the triangle, the support structure in place for a year would be rendered invalid. However, a bounce could lead to a considerable increase, possibly taking the price to the triangle’s resistance line.
Shiba Inu Price Finally Bounces at Long-Term Support
Based on the daily analysis, the Shiba Inu coin price has traded inside a symmetrical triangle pattern since June 2022. This pattern is considered neutral. Therefore, the price has an equal chance of either breaking out upwards or breaking downwards.
On May 8, the SHIB price rebounded at the support line of the triangle. Before this, the line had not been reached since the beginning of the year. At the time, a sharp increase followed after the bounce (green…
