thecryptobasic.com
A prominent pseudonymous crypto analyst has called the market’s attention to a potential Shiba Inu breakout from a bull flag formation, set to drive prices over 440% to $0.000074.
Shiba Inu joined the wider market capitulation on Thursday amidst unfavorable macroeconomics. The meme coin dumped over 5% to $0.00001616 as Bitcoin temporarily fell below $60,000.
Amidst the rattling among Shiba Inu proponents over the recent price downturn, a price pattern has emerged, tipped to stir a notable uprising in the price. According to a recent analysis, SHIB is set for a 400% uptick to $0.000074, facilitated by the price structure.
SHIB Breaks Out from Bullish Flag
In his TradingView analysis, the market commentator pointed to Shiba Inu’s breakout from a bullish flag on the SHIBUSD 5-day chart. An accompanying chart shows that SHIB defied the flag price pattern, which started forming since the yearly high of $0.000045 in March, after the notable surge to $0.00002169 on September 28.
The analyst cited other confirmations of the impending rally along with the pattern. He noted that SHIB’s relative strength index also broke with its price, confirming the bullish trend. RSI on the 5D chart remains at 54.7, signaling a solid bullish trend.
Furthermore, the analyst also cited a trend reversal accompanying the bullish flag breakout. He stated that the price action defying the prevailing bearish momentum shows the shift to positive stimulus in the SHIB price.
The market speculator also cited a similar price action in January when SHIB broke out from the same bullish flag, through which SHIB surged over 406% to the March high before forming the bullish flag.
He expects a repetition of this run, tipping the bullish breakout to print higher highs and drive Shiba Inu over 440% to $0.000074. At the time of writing, SHIB changes hands at $0.0000169.
Similar Predictions
Notably, the analyst’s assertion of a price uptick coincides with predictions from other market watchers. For instance, Analyst Alan Santana stated that SHIB will trade at $0.00007 soon, citing that it is at a massive accumulation phase, which usually precedes an uptrend.
Another analyst, Javon Marks, asserted that SHIB will surpass the $0.000074 price mark and trade at $0.00008. The market expert cited a similar pattern, pointing to a breakout from a falling wedge formed since March.