Shiba Inu price is consolidating amid the formation of a bull flag that might push the memecoin to an unexpected height
Shiba Inu (SHIB), the dog-themed memecoin, has witnessed increased volatility despite the ongoing bullish run in the broader cryptocurrency market. In the last seven days, its price has dropped from the crucial support level of $0.00002507, reaching a low of $0.00002284. SHIB investors need to take advantage of the current market takings.
What Will Push Shiba Inu Price Upward?
However, recent developments have offered possible hope to the SHIB community. According to Ali Martinez, on-chain analyst, Shiba Inu’s chart has formed a bull flag. This suggests SHIB might begin a solid upward price movement following its recent price pullback.
Martinez maintains that if SHIB’s price can break past the $0.000025 resistance level, it could validate the technical analysis pattern. This could trigger a significant price uptick for Shiba Inu. The on-chain analyst predicts breaching this resistance will push SHIB to $0.000037.
Martinez’s prediction of $0.000037 relies on the height of the initial flagpole, which he used to estimate a possible price gain. Thus, if SHIB can surpass the $0.000025, Martinez’s prediction seems likely to occur. However, until then, the memecoin’s upward movement remains uncertain.
As of this writing, SHIB is exchanging hands at $0.00002409, a 2.08% dip in the last 24 hours, according to data. Despite proclaimed bullish sentiment in the Shiba Inu community, market volume has dropped by 5.91% to $1.14 billion.
Community Optimism Boosted by Large SHIB Withdrawals
Additionally, Shiba Inu’s marketing lead, Lucie, highlighted a significant development that hints at a possible price rally soon. In a post on X, Lucie noted the movement of 1.6 trillion SHIB from exchanges. According to her, such huge withdrawals usually result in massive price jumps. Investors will look to see if the pattern will hold this time.
Meanwhile, Shiba Inu’s lead, Shytoshi Kusama, has assured the SHIB community that the team is working on a full marketing plan. This aims to elevate the SHIB project in 2025. According to Kusama, the marketing plan has been approved by the “powers that Shib.”
Community members will look forward to the unveiling and its possible impact on SHIB’s price. Only time will reveal if Shiba Inu’s price performance can disprove market analysts who think SHIB cannot hit 1 cent.
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