{"id":13809,"date":"2024-10-14T23:00:13","date_gmt":"2024-10-14T23:00:13","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=13809"},"modified":"2024-10-14T23:00:13","modified_gmt":"2024-10-14T23:00:13","slug":"shiba-inu-price-flashes-historical-bull-flag-heres-what-happened-last-time","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=13809","title":{"rendered":"Shiba Inu Price Flashes Historical Bull Flag, Here\u2019s What Happened Last Time"},"content":{"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<\/a> 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.<\/p>\n

Shiba Inu Price Waiting To Break Above Bull Flag<\/h2>\n

Taking to the TradingView platform, the analyst (without_worries) revealed an interesting take<\/a> 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.<\/p>\n

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<\/p>\n

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.<\/p>\n

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<\/p>\n

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.<\/p>\n

Bullish Predictions For SHIB<\/h2>\n

The Shiba Inu price action in the past seven days has been highlighted by intense volatility<\/a>. 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<\/p>\n

At the time of writing, SHIB is trading at $0.00001809. Another analyst, Javon Marks, is echoing the return to SHIB\u2019s<\/a> all-time high. According to Marks\u2019 analysis, based on an earlier breakout of a falling wedge pattern, SHIB is now free for a run up to $0.000081.<\/p>","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 […]<\/p>\n","protected":false},"author":0,"featured_media":13810,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-13809","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/13809"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13809"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/13809\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/13810"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13809"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13809"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13809"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}