Shiba Inu Price Prediction: Flag Pattern Signals 18% Breakout Rally

The challenge faced by Bitcoin in surpassing the $38,000 resistance level has had a ripple effect on the overall cryptocurrency market, impacting Shiba Inu (SHIB) as well.

SHIB, a memecoin, reached a recent peak at $0.00000965 and is presently in a consolidation phase, marked by two converging trendlines since last week. This pattern suggests the formation of a bullish flag, raising the possibility of SHIB breaking through the $0.00001 barrier.

Sideways movement in the market is on the verge of sparking a significant rally, as a bullish pattern suggests a strong likelihood of the SHIB trend continuing upward.

However, a breach below the lower support trendline could indicate a weakening in bullish momentum. The Shiba Inu coin has experienced a notable 28.5% increase in intraday trading volume, reaching $208.5 million.

Over the last month, Shiba Inu has shown significant growth, surging from $0.00000612 to its current trading price of $0.00000863, reflecting a notable 30% increase. Nevertheless, this upward momentum faced resistance around the $0.00000965 level, coinciding with heightened uncertainty in the broader market.

A detailed analysis of the 4-hour timeframe chart indicates the formation of a bullish continuation pattern, commonly referred to as a “flag.” Typically, this pattern involves a brief period of sideways movement before a decisive breakout to the upside. Should SHIB successfully breach the upper trendline of this flag pattern, it may set its sights on an initial target of $0.0000150, presenting a potential gain of 18%.

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