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Technical analysis suggests that Shiba Inu is currently positioned at a key price convergence point, which could lead to a massive 400% upside. According to the analyst on the TradingView platform, the current price action of the Shiba Inu pointing to full output of the formation of the flag of the bulls. If this interesting prediction were to come true as expected, it would put the meme-inspired cryptocurrency on a steady path back to its current highs.
Shiba Inu Price Waiting To Break The Bull Flag
Moving to TradingView platform, analyst (without_worry) reveals an interesting take after analyzing the action of Shiba Inu since the beginning of the year. The analyst highlighted a significant correction by examining the 5-day price chart, noting that Shiba Inu has retraced nearly 75% from its annual high of $0.00003595. These corrections are marked by a sequence of highs and lows, giving rise to a bullish flag pattern.
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The analyst pointed out several reasons why long walks for the Shiba Inu offer a good opportunity. The most important thing is a break above the bull flag pattern, which usually indicates the continuation of an uptrend following a consolidation period.
In addition, the Relative Strength Index (RSI) also gave a bullish signal. For the first time since April, the RSI has broken above the descending line and is now trending meaningfully higher. The RSI currently stands at 54.7 on the 5-day chart, signaling a bearish trend among investors.
While there is still a chance for SHIB to retest the bullish flag pattern, the analyst emphasized that if SHIB experiences a second quick move, it may initiate a repeat rally similar to the one seen during its last major breakout. In that previous session, SHIB increased nearly 400% to reach a high of $0.00003595.
If history were to repeat itself under the same conditions, Shiba Inu could see its price drop above its current high of 2024 and reach a target between $0.00006204 and $0.000074.
Bullish Predictions for SHIB
Shiba Inu price action over the past seven days has been made high flexibility is highlighted. From October 7th to October 10th, SHIB price dropped to a low of $0.00001613. Since then up to the time of writing, SHIB has gained about 11.84%, although it has declined several times at $0.00001809.
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At the time of writing, SHIB is trading at $0.00001809. Another analyst, Javon Marks, echoing the return of SHIB world class. According to Marks’ analysis, based on the previous breakout of the falling wedge pattern, SHIB is now free to spend up to $0.000081.
The featured image was created with Dall.E, a chart from Tradingview.com
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