Discover how Shiba Inu, a popular cryptocurrency, might be gearing up for a major price surge according to expert analysts.
Learn about the bullish flag pattern forming on its chart and the optimistic price predictions that could signify a turning point for SHIB investors.
The Bull Flag on Shiba Inu's Daily Chart
On March 5, 2024, Shiba Inu (SHIB) experienced a significant price surge, reaching $0.000045. Since then, the price has been on a downward trend.
However, Ali Martinez, a renowned analyst with over 60,000 followers on X, predicts further price surges for SHIB. In a post on X dated May 1, 2024, Martinez shared an image of the SHIB/USD daily chart, explaining that it appears to be forming a bullish flag.
A bullish flag (or bull flag) typically follows a strong upward trend and is characterized by a mild, downward-sloping consolidation, contained within two parallel trend lines. This pattern often concludes with a breakout that continues the upward trend.
Martinez forecasts that, after breaking through the current consolidation phase, the SHIB price could soar to $0.000072323. He mentioned placing a buy order around $0.000018343.
Potential for a 300% Price Increase
The sentiment around SHIB's potential price rise is quite bullish. In March 2024, cryptocurrency analyst and trader Xanrox also predicted that SHIB could rise more than 300% in the near future.
If Martinez's prediction comes true, and SHIB's price climbs from $0.000018343 to $0.000072323, the increase would be approximately 294%.
The highest price SHIB has ever reached was $0.000088 in late October 2021. Recent developments have been overwhelmingly positive for Shiba Inu, increasing the anticipation for a new all-time high.
Shiba Inu's Layer 2 solution, Shibarium, incorporates a mechanism for burning (destroying) SHIB through on-chain transactions. Currently, a major upgrade of Shibarium is underway, which is also expected to support the price increase of SHIB.
>> For the latest news related to SHIB, click here.
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