Shiba Inu Looks to Capture $0.0001011 After Breaking Out of a Bull Flag!

Michael, a well-known technical analyst in the cryptocurrency market, predicts that Shiba Inu will reach a target price of $0.0001011 after breaking out of a multi-month bull flag formation.

Michael’s latest analysis comes as Shiba Inu struggles to recoup lost ground amid a broader market crash. SHIB has been falling since retesting the $0.00002622 price threshold on June 6. This is mainly due to the Bitcoin (BTC) downturn, which has impacted the rest of the market.

However, from a bigger picture perspective, Shiba Inu’s current downtrend extends beyond recent weeks. Notably, SHIB has been making lower lows and lower highs on a weekly timeframe since falling from $0.000045 on March 5, which Michael’s chart data confirms.

Thus, the chart shows an ongoing downtrend that has been going on for more than three months. Interestingly, this downtrend appears to have led to the formation of a bull flag. The extreme point of the flag was formed when SHIB surged 370% to $0.000045 in March, while the flag itself was formed during an ongoing downtrend.

Target Price $0.00010114

The analyst, who is known for using Elliott Wave structures to discuss price action, highlighted through a chart that SHIB is currently following a typical five-wave Elliott Wave pattern. According to him, Shiba Inu is currently within the fourth wave, which is usually characterized by a market decline.

Nevertheless, he expects the fifth wave to break out from the descending channel in the coming weeks. If this happens, Michael predicts that Shiba Inu’s ultimate target price when it completes the fifth wave is $0.00010114. This would represent a 398% increase from SHIB’s current value of $0.00002028.

At current levels, Shiba Inu’s ultimate target is to hold the psychological support level of $0.00002 while waiting for the broader market to rebound. A break below this support level before a rebound would only give SHIB more room to cover on the road to $0.00003 when it rebounds. This reduces the likelihood of Shiba Inu moving higher.

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