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.
Hence, this is the time when the bulls need to step in and take SHIB price away 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 is still holding above June lows, indicating the potential for a decent rally. On the contrary, the volume has turned very thin which is a major concern which can kill the upside potential. In such a case, SHIB price is expected to trade with a low near $0.00000550, with a further rise towards $0.00000360 if the bulls continue to stay apart.
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.
