In an exciting turn of events for cryptocurrency enthusiasts, technical analysis indicates that Shiba Inu is at a pivotal price point, which could potentially lead to an impressive 400% breakout. An analyst on the TradingView platform has highlighted that Shiba Inu’s current price action hints at the beginning of a significant breakout from a bull flag formation. Should this projection be realized, it would set the stage for the meme-inspired cryptocurrency to embark on a journey back to its all-time high.
Shiba Inu Price Poised for a Bull Flag Breakout
According to the TradingView analyst known as without_worries, Shiba Inu’s price action since the start of the year reveals an intriguing pattern. By examining the 5-day candlestick price chart, the analyst identified a notable correction, with Shiba Inu retracing approximately 75% from its yearly high of $0.00003595. This downward correction has manifested in a pattern of lower highs and lower lows, culminating in the formation of a bull flag.
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The analyst underscores several compelling reasons for considering a long position in Shiba Inu. The breakout above the bull flag pattern is particularly significant, as it typically indicates the continuation of an upward trend following a period of consolidation. Additionally, the Relative Strength Index (RSI) has issued a bullish signal by breaking above a descending trendline for the first time since April. Currently, the RSI stands at 54.7 on the 5-day chart, reflecting a rising inflow trend among investors.
While there is a possibility that Shiba Inu might retest the bull flag pattern, the analyst suggests that a second impulsive move could ignite a rally similar to its last significant breakout. During that prior rally, Shiba Inu surged approximately 400% to reach a peak of $0.00003595. If similar conditions prevail once more, Shiba Inu’s price could surpass its current 2024 peak, potentially reaching a target range between $0.00006204 and $0.000074.
Bullish Predictions for SHIB
Over the past week, Shiba Inu’s price action has been characterized by substantial volatility. From October 7 to October 10, the price of SHIB experienced a downward trend, reaching a low of $0.00001613. However, since that point, SHIB has gained approximately 11.84%, despite facing multiple rejections at $0.00001809.
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Currently, Shiba Inu is trading at $0.00001809. Another analyst, Javon Marks, echoes the sentiment of a return to Shiba Inu’s all-time high. According to Marks’ analysis, based on an earlier breakout from a falling wedge pattern, Shiba Inu is now positioned for a run-up to $0.000081.
In conclusion, the current analysis and market conditions suggest promising prospects for Shiba Inu. As the cryptocurrency stands on the brink of a potential breakout, investors and enthusiasts alike are watching closely. The possibility of a 400% surge has certainly piqued interest and could lead to exciting developments in the near future.
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