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. 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’s all-time high. According to Marks’ analysis, based on an earlier breakout of a falling wedge pattern, SHIB is now free for a run up to $0.000081.<\/p>\n
<\/p>\n","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":1,"featured_media":494,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[516],"tags":[15,51,52,53,105,294,295,106,296,297,298,299],"class_list":["post-493","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-shiba-inu","tag-analyst","tag-crypto","tag-crypto-analyst","tag-crypto-news","tag-shib","tag-shib-news","tag-shib-price","tag-shiba-inu","tag-shiba-inu-news","tag-shiba-inu-price","tag-shibusd","tag-shibusdt"],"_links":{"self":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/posts\/493","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/comments?post=493"}],"version-history":[{"count":0,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/posts\/493\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/media\/494"}],"wp:attachment":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/media?parent=493"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/categories?post=493"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/tags?post=493"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}