The Shiba Inu (SHIB) price has finally reached the support line of a long-term pattern. Whether it bounces there or breaks down can determine the future trend.
If the price breaks down, the entire structure in place for nearly a year will be invalid. In that case, a new bearish trend will have begun. However, if the price bounces, it will increase to the triangle’s resistance line.
Shiba Inu Price Bounces at Support of Long-Term Pattern
According to the daily analysis, the price of the Shiba Inu coin has been trading within a symmetrical triangle since June 2022. This particular pattern is considered neutral, indicating an equal probability of either an upward breakout or a downward breakdown.
On May 8, the SHIB price bounced at the triangle’s support line, which hadn’t been touched since the beginning of the year (green icons). However, the price has yet to initiate a significant increase.
