$SHIB  28% surge: Will SHIB keep its bull run after a change in path? - AMBCrypto Analytics

Shiba Inu’s recent price action has been quite interesting, especially with respect to its movements of late. Just before a major market crash took place, the coin was consolidating within a bullish flag pattern.

At this point, SHIB’s price dropped back down by 37% towards the key flag support level, which is a critical level for investors who are looking out for either a breakout or further dip.

However, the price corrected by rising 28%, indicating a potential upward momentum build-up in the form of bulls returning into play again.

This recovery shows that bulls might not be completely running out of steam yet, as there could still be more space for upward moves.

The stochastic RSI is in an oversold zone, also suggesting a potential reversal.

One notable development in the SHIB ecosystem is the recent burn of $2.9 million in SHIB tokens within the last 24 hours. The Shibburn Tracker reported this big burn, which adds up to bullish sentiment around SHIBs.