Shiba Inu price still trends within the same parallel channel, it started trending a fortnight ago. However, the margin has compressed a little and hence compelling the SHIB price to break out. Yet the bulls seem to have been facing more hindrance in order to flip the bearish divergence. And hence a subsequent dip could be more feasible than the notable recovery.
The SHIB price maintained an acute downtrend after been rejected close to $0.00001 three times, the price initiated a narrow trend. Despite multiple attempts of a breakout following the rumours of Amazon and Robinhood petition, the price failed to break the channel.
The price is currently testing the immediate support levels and is also on the verge to break the lower Bolinger Band. If a significant bounce at these levels is not recorded, then the price may again revisit the lower support levels. A smash to $0.00000570 levels may trigger a bounce later. Considering the current price movements, the surge toward the immediate levels at $0.00000700 could be possible. However, the upper limits still remain much distinct.
This is the time when the bulls gear up and uplift the SHIB price to prevent further plunge. And if done, the probabilities of hitting the immediate resistance levels without revisiting support levels increase. Moreover, the Bollinger bands are getting squeezed at the end. And hence it signals that the price is all set to break the pattern. No doubt the direction of the price cannot be ascertained, but a probable change in the Shiba Inu price pattern may be speculated.