SHIB Price Poised to Surge 440% as Analyst Highlights Shiba Inu’s Bull Flag Formation
Shiba Inu (SHIB) price surged by more than 6% on Friday, October 11. This comes after Shiba Inu (SHIB) price dropped by 5% on Thursday as adverse macroeconomic conditions impacted the entire cryptocurrency market. At the time, the popular dog-faced emoji coin dropped to $0.000016, while Bitcoin briefly fell below the $60,000 mark.
The plunge has caused some concern among Shiba Inu investors.
According to recent analysis, Shiba Inu price could surge by 400% to $0.000074. The analysis points to a breakout from a bullish flag formation on the 5-day chart of SHIBUSD. This pattern has been developing since March 2024 when SHIB price hit a yearly high of $0.000045.
After SHIB surged to $0.00002169 on September 28, the price violated the flag pattern. This indicates the presence of a potential uptrend, which is becoming a reality considering today’s Shiba Inu price action.
Analysts highlight that SHIB’s relative strength index (RSI) further supports this bullish outlook. On the 5-day chart, the RSI is at 57.4, a level that suggests that the upward momentum is continuing. This divergence between the price and the RSI indicates a bullish trend, confirming that SHIB’s price will rise further.
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In addition to the bullish flag pattern, trend reversals are also seen as evidence of a shift in market sentiment. The recent price action is opposite to the current bearish trend and is considered a sign that SHIB is getting more and more positive push.
In January this year, SHIB price also broke out of a bullish flag pattern. This breakout led to a massive 406% price increase, reaching its highest point in March. As a result, market analysts now expect this price action to repeat, predicting that SHIB could rise by more than 335% to $0.000074.
Currently, SHIB price is around $0.00001764, up 6.27%. Other analysts have also expressed optimism amid the recent rally. Analyst Alan Santana predicts that SHIB will soon reach $0.00007.
