As a seasoned analyst with over two decades of market experience under my belt, I find myself increasingly intrigued by the Shiba Inu price action and the bullish predictions that are emerging from various quarters. The technical analysis being presented here strongly suggests that we could be on the cusp of a massive 400% breakout to the upside, potentially propelling Shiba Inu back towards its current all-time high.
As a researcher closely studying Shiba Inu‘s market dynamics, I find technical analysis indicating that we are at a pivotal price point for this coin. This juncture could potentially trigger an impressive 400% surge in value. This bullish outlook stems from the current price action aligning with a full breakout of a bull flag formation, as suggested by an analyst on TradingView. If this projection holds true, Shiba Inu could be headed for a return journey towards its present all-time high.
Shiba Inu Price Waiting To Break Above Bull Flag
On the TradingView platform, an analyst provided an engaging perspective following their examination of Shiba Inu’s price trend since the start of the year. They pointed out a substantial correction, as seen in the 5-day candlestick chart, where Shiba Inu has roughly halved from its highest point of $0.00003595 for the year. This downtrend is characterized by a string of lower peaks and troughs, resulting in the formation of what appears to be a bull flag pattern.
According to the analyst’s insights, investing in Shiba Inu right now could be advantageous due to several factors. The key point is the breakthrough beyond the bull flag formation, which typically indicates the resumption of an uptrend after a phase of consolidation, suggesting a potential continuation of growth.
Furthermore, the Relative Strength Index (RSI) has given a positive indication as well. For the first time since April, the RSI has surpassed a downward sloping trendline and is now moving up significantly. The current RSI value on the 5-day chart indicates an upward trend in investor sentiment, standing at 54.7.
While it’s plausible for Shiba Inu (SHIB) to revisit the bull flag structure, the analyst underscores that if SHIB exhibits another strong upward thrust, it might spark a fresh rally much like its prior significant surge. During that previous rally, SHIB skyrocketed approximately 400% to hit a high of $0.00003595.
Given the same circumstances as before, there’s a possibility that the value of Shiba Inu might exceed its highest point in 2024, potentially reaching a range from approximately $0.000062 to $0.000074.
Bullish Predictions For SHIB
Over the last seven days, the price of Shiba Inu has experienced significant fluctuations, marked by a period of high volatility. From October 7 to October 10, the price plummeted to reach a low of $0.00001613. However, since then, it has climbed approximately 11.84%. Notably, it has repeatedly failed to break through the resistance at $0.00001809.
Currently, Shiba Inu (SHIB) is being traded at approximately 0.00001809 USD. Another analyst, Javon Marks, predicts that SHIB could potentially reach its all-time high again. According to his analysis, due to a previous breakout of a falling wedge pattern, SHIB seems primed for a surge, possibly reaching as high as 0.000081 USD.
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2024-10-15 02:10