Shiba Inu Price Prediction as Analysts Spot Bull Flag Formation – Is a Rally Imminent?
SHIB has risen by 2% today, with the Shiba Inu price touching $0.00002399 on a day when the crypto market gains by 0.5% in the past 24 hours.
This price also means that SHIB has increased by 5.5% in the past week and by 15% in the past fortnight, with the meme coin also sitting on a 169% lift in a year.
And its gain today comes as its price chart forms a bullish pennant pattern, meaning that its resistance and support levels are converging on each other.
This could signal that the coin is very close to a big rally, something which the return of meme-stock trader Keith Gill has made likelier this week.
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— Roaring Kitty (@TheRoaringKitty) May 15, 2024
After rallying and dipping on each of the past two days, SHIB has rallied again in the past 24 hours, with its indicators looking very strong.
Its relative strength index (purple) touched 70 earlier this morning, and despite a tiny dip, it has settled at around 65, indicating ongoing momentum and buying pressure.
More promisingly, SHIB’s 30-day average (orange) has begun rising again, after having recently overtaken the 200-day average (blue).
The latter move is often a sign of a breakout and given that SHIB has risen strongly today, such a breakout appears to have recently begun.
The coin’s resistance (red) and support (green) levels are point to such a possibility, with analysts recently taking to social media to suggest that SHIB is close to doing something special.
$SHIB (Shiba Inu) in comparison to it's similar, previous breakout and run to All Time Highs (ATH), looks to be only in an "intermission" phase here in prepartion for a continuation to and above the current ATH at $0.000088598 which is currently over 282% away from here!
In this…
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