Shiba Inu (SHIB) could be set to post a remarkable recovery with a classic bull flag pattern forming, indicating it may rocket higher towards $0.000037. Crypto analyst Ali Martinez pointed this bullish formation and claimed SHIB first needs to crack through the key resistance of $0.000025 to confirm it’s rising.
The appearance of a bull flag pattern, after a big move higher and a consolidation pattern resembling a flag, usually signifies ongoing bullishness. Most of the time, this formation will be ahead of a new and sharp climb by the price of the asset.
Shiba Inu Sees 3.5% Gain Amid Volatile Trading Session
On the day’s trading, SHIB has gained 3.5 percent, rising 7.74 percent after bottoming out this morning. The meme-inspired cryptocurrency’s price action has been something of a roller coaster in recent days, but it has been volatile for even longer.
SHIB peaked earlier this month at $0.00003, but as of Monday the coin has retraced by 25% and is 18% below that peak. The retracement is still impressive since Shiba Inu was able to achieve a gain of 38.6% for November thus far.
SHIB could well surpass $0.000037, the highest price it’s traded since last spring when the wider crypto market rallied with Bitcoin at the top of its game. At this level, local records would be rewritten and Shiba Inu would be 140.35% below its all time high.
The immediate problem is at $0.000025 though. If this resistance is unable to be broken, a consolidation phase could last even further or we could invalidate the whole bull flag pattern altogether, dimming hopes of a rally as Martinez notes.
SHIB’s next moves will be closely watched by traders and investors as the meme coin market will largely be determined by what comes next at the $0.000025 level. With SHIB’s upside reaching its bullish target or failing at resistance, it will be one to watch in the coming days amongst the crypto space.
