Analysts have recently discovered a bullish pennant formation on the Shiba Inu chart, indicating the potential for a significant profit of over 62% in the near future.
The Shiba Inu bulls are currently facing strong resistance at the $0.000025 price level. Last week, during a mini rally, SHIB briefly surpassed this range before retracting below it. As of the latest update, SHIB has succumbed to bearish pressure, experiencing a 5% decrease and reaching an intraday low of $0.00002361.
Despite showing positive gains in its 30-day trajectory, Shiba Inu is still struggling to decisively surpass the $0.000025 level.
However, well-known market observers believe that SHIB is on the verge of breaking out of its current consolidation phase. They have predicted various breakout price targets that Shiba Inu holders should keep an eye out for.
Renowned Bitcoin analyst Clifton has recently joined the group of commentators who are drawing attention to an upcoming bullish trend for Shiba Inu. Clifton highlighted the formation of a bullish pennant on the 24-hour timeframe for Shiba Inu in a recent update.
A bullish pennant formation suggests that an asset is ready to continue its upward trend after a temporary opposition. This formation, resembling a symmetrical triangle, is characterized by consolidating prices, indicating an imminent breakout.
In the case of Shiba Inu, the cryptocurrency experienced an uptrend in early March but lost momentum and entered a downtrend that brought it back to $0.000018 in April. The overall candlestick pattern established by SHIB in March is what many market watchers have identified as the bullish pennant.
Clifton believes that this configuration could potentially result in a short-term profit of up to 60% for Shiba Inu holders. The accompanying graph suggests that Shiba Inu could rally to at least the $0.00004 price level in the coming weeks.
Another analyst, Davie Satoshi, who also identified a bullish pennant on Shiba Inu’s chart, has proposed even higher targets of over $0.00005 upon breakout. Other market watchers, such as the pseudonymous “World of Charts,” share similar opinions and have identified $0.00005 as SHIB’s potential target.
In response to these analyses, a Bitcoin analyst suggested that SHIB enthusiasts should anticipate the $0.00008 price level next. Another analyst even argued for the potential for a $0.00015 price point by next month.
It’s worth noting that if Shiba Inu were to reach $0.00015, it would mark a new milestone for the cryptocurrency as it enters uncharted territory.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. The views expressed in this article are solely those of the author and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions. The Crypto Basic is not liable for any financial losses incurred.
