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An analyst has spotted a bullish flag on Shiba Inu (SHIB) three-day chart, predicting a breakout above resistance.
Shiba Inu (SHIB) has struggled to maintain upward momentum in recent times, remaining within a confined trading range. The asset’s current price stands at $0.00001747, reflecting a 6.04% decline over the past 24 hours.
Despite this lackluster performance, an analyst on the social media platform X has identified a potentially bullish pattern that could improve SHIB’s trajectory.
Shiba Inu Bullish Flag Formation Identified
Clifton Fx, a crypto analyst known for his market insights, shared with his over 17,000 followers an analysis highlighting a bullish flag formation for SHIB. The chart presented by Clifton Fx displays a descending channel characterized by parallel trendlines that have served as resistance and support levels.
This structure indicates a prolonged downtrend for SHIB/USDT observed since its peak in March. The asset’s current price hovers near the upper boundary of this channel, suggesting a possible test of this resistance.
The analysis further notes that a breakout above the upper trendline could signal a strong bullish rally. The projected move, marked by a green zone on the chart, indicates that SHIB could potentially rise to $0.00003500, representing an approximate 89.76% increase from its current level.
Shiba Inu Lead Developer Responds to Criticism About SHIB’s $0.01 Target
This analysis emerges amidst ongoing discussions within the Shiba Inu community regarding its future and recognition in the crypto space. Shytoshi Kusama, the lead developer of the Shiba Inu team, recently responded to critiques about SHIB’s progress toward its $0.01 target.
This response followed a post by Nick Tomaino, a partner at 1confirmation, who listed what he considered the most influential crypto projects, omitting Shiba Inu. Kusama’s reaction pointed to a sense of underappreciation, expressing frustration over the project being overlooked despite its ranking by market cap.
The conversation escalated when a user remarked that SHIB would not be taken seriously until it reached $0.01. Kusama addressed the sentiment by emphasizing SHIB’s significant achievements, highlighting that only a portion of the crypto community had fully acknowledged its impact.
Large-Scale Token Burns
Adding to recent developments, Shibburn, a platform that tracks Shiba Inu burns, reported a substantial token burn of 5.58 billion SHIB tokens. This transaction, recorded at 20:31 (UTC) yesterday, originated from an anonymous wallet and has attracted attention across the SHIB community. Burning reduces the circulating supply, theoretically boosting the value of remaining tokens based on basic supply-demand dynamics.
The origin of the transaction was later confirmed by Shiro Neko, a new meme coin with a cat theme. Shortly after the burn, Shiro Neko disclosed on X that they initiated the $100,000 SHIB burn as a gesture of goodwill and an attempt to strengthen ties with the Shiba Inu community. Their post playfully asked if “cats and dogs can now be friends,” sparking curiosity and conversations within the SHIB ecosystem.