According to analyst Akash Girimath, Shiba Inu (SHIB) price is consolidating above the upper trendline of the bull flag, which indicates accumulation. A breakout from this sideways move would result in an explosive uptrend to $0.00019700. cryptocoin.com Now we look at the details.
SHIB close to explosion?
Shiba Inu price has been consolidating since hitting an all-time high on October 28. According to the analyst, Shiba Inu price has exited a continuation pattern known as a bull flag, but is waiting for buyers to rebound to start an explosive move. From October 23 to October 28, SHIB rallied 219% to form a new high at $0.00008850.
This technical formation predicts the flagpole height to reach $0.00019700, a 219% increase from the $0.00006220 added to the breaking point. Although the Shiba Inu price broke the flag’s upper trendline on November 9, it lacks volatility. According to the analyst, this consolidation can be considered the last buy zone SHIB offers before it eats another zero. Therefore, a potential increase in buying pressure pushing Shiba Inu price to form a decisive four-hour candlestick above $0.00006490 would confirm the uptrend. However, for investors who want to be extra sure, secondary confirmation comes after the Shiba Inu price produces a higher high above $0.00008590.
If the Shiba Inu can’t rise
On the other hand, if the Shiba Inu price fails to gather strength and breaks higher, this indicates that the buying pressure has dried up. In such a case, SHIB could go down and retest the demand zone ranging from $0.00003280 to $0.00004460. However, a daily candlestick near $0.00004460 will invalidate the bullish thesis of the bull flag for Shiba Inu price.
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