Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Technical analysis suggests that Shiba Inu is currently positioned at a critical price junction, one that could lead to a massive 400% breakout to the upside. According to an analyst on the TradingView platform, the current Shiba Inu price action is pointing towards a full breakout of a bull flag formation. If this interesting projection were to materialize as anticipated, it would put the meme-inspired cryptocurrency on a steady path to a return towards its current all-time high. Shiba Inu Price Waiting To Break Above Bull Flag Taking to the TradingView platform, the analyst (without_worries) revealed an interesting take after an analysis of the Shiba Inu price action since the beginning of the year. The analyst highlighted a significant correction by examining the 5-day candlestick price chart, noting that Shiba Inu has retraced approximately 75% from its yearly high of $0.00003595. This correction has been marked by a sequence of lower highs and lower lows, giving rise to the creation of a bull flag pattern. Related Reading: Expert Dissects $60 Forecast For XRP Price, Institutional Investors Are The Key The analyst pointed out several reasons why going long on Shiba Inu now presents a favorable opportunity. The most critical factor is the breakout above the bull flag pattern, which often signals the continuation of an upward trend following a period of consolidation.\u00a0 In addition, the Relative Strength Index (RSI) has also provided a bullish signal. For the first time since April, the RSI has broken above a descending trendline and is now trending upward meaningfully. The RSI currently stands at 54.7 on the 5-day chart, relaying the inflow trend among investors. Although there remains the possibility of SHIB retesting the bull flag pattern, the analyst emphasized that if SHIB experiences a second impulsive move, it could trigger a repeat rally similar to the one seen during its last major breakout. During that previous rally, SHIB surged by about 400% to reach a peak of $0.00003595.\u00a0 If history were to repeat itself under similar conditions, Shiba Inu could see its price break above its current 2024 peak and reach a target between $0.00006204 and $0.000074. Bullish Predictions For SHIB The Shiba Inu price action in the past seven days has been highlighted by intense volatility. From October 7 to October 10, the SHIB price tended downward to reach a low of $0.00001613. Since that point up until the time of writing, SHIB has gained about 11.84%, although it has been rejected multiple times at $0.00001809.\u00a0 Related Reading: Whales Accumulate 40 Million XRP In 48 Hours \u2013 Where\u2019s The Price Headed? At the time of writing, SHIB is trading at $0.00001809. Another analyst, Javon Marks, is echoing the return to SHIB’s all-time high. According to Marks’ analysis, based on an earlier breakout of a falling wedge pattern, SHIB is now free for a run up to $0.000081. Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":647859,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83740],"tags":[167,6664,26263,14690,83668,89178,84473,83667,89157,86437,84562,84558],"class_list":["post-647828","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-shiba-inu","tag-analyst","tag-crypto","tag-crypto-analyst","tag-crypto-news","tag-shib","tag-shib-news","tag-shib-price","tag-shiba-inu","tag-shiba-inu-news","tag-shiba-inu-price","tag-shibusd","tag-shibusdt"],"acf":[],"yoast_head":"\n
Shiba Inu Price Flashes Historical Bull Flag, Here\u2019s What Happened Last Time<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n