The post Shiba Inu Poised to Claim $0.0001011 After Breakout from Bull Flag appeared on BitcoinEthereumNews.com.

Michael, a notable technical analyst in the crypto market, projects Shiba Inu to reach a $0.0001011 price target following a breakout from its multi-month bull flag. The latest analysis from Michael comes when Shiba Inu is struggling to regain lost ground amid a broader market collapse. SHIB has continued to witness sustained declines since June 6 following a retest of the $0.00002622 price threshold that day. This is largely due to Bitcoin’s (BTC) downturn, which has impacted the rest of the market. Shiba Inu Forms Bull Flag However, when viewed from a larger perspective, Shiba Inu’s current downtrend extends beyond recent weeks. Notably, SHIB has been witnessing lower lows and lower highs on the weekly timeframe since it dropped from $0.000045 on March 5, data from Michael’s chart confirms.  As a result, the charts indicate a sustained downward trend that has persisted for over three months. Interestingly, this downward trend appears to have resulted in the formation of a bull flag. The pole of the flag formed when SHIB spiked 370% to $0.000045 in March, while the flag itself has formed from the ongoing downtrend. $SHIB / $USDT – is cooking triple 0 ‘s is incoming pic.twitter.com/cq9hSwXraA — BigMike7335 (@Michael_EWpro) June 16, 2024 Such a market structure typically indicates a pause to the uptrend, resulting in bearish consolidation or downward trend for a period before the uptrend resumes. For Shiba Inu to continue its uptrend, it must break above the downward channel formed by the market turbulence. Michael expects this breakout to occur soon. A $0.00010114 Price Target Known for his use of Elliott Wave structures to discuss price movements, the analyst emphasized through his chart that SHIB is currently following a typical five-wave Elliott Wave pattern. According to him, Shiba Inu currently trades within the fourth wave, which usually…

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Filed under: News - @ June 17, 2024 6:24 am