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- Published: November 10, 2021 17:10
New Delhi: Shiba Inu has been in the consolidation period since the coin hit its new all-time high on October 28. This build-up has benefited the holders as the coin went on to form a continuation pattern which suggests an explosive move is likely to occur.
Shiba Inu has successfully came out of a continuation pattern usually known as the bull flag, but the SHIB still awaits the revivals of the buyers to push the momentum for the upstart.
SHIB rallied almost 219% from October 23 to October 28 to touch the new all-time high at $0.0000885. Analysts call this climb a ‘Flagpole’. Eventually, Self-claimed DOGEKILLER’s price consolidated after an explosive rally which resulted in lower highs and higher lows which makes a flag.
As per analysts, the current technical formation forecasts an almost 220% upswing to touch $0.000197 which is obtained by adding the flag pole height to the breakout point at $0.0000622. Although SHIB has breached the flag’s upper trend line yesterday yet it still lacks volatility. This moment can be considered as the last buying opportunity before Shiba Ine goes on to eat another zero.
A push from buyers can produce a decisive four-hour candlestick close above $0.0000649 for SHIB which will confirm the beginning of an upswing. For those who want to be extra sure, a touchdown at the price level of $0.0000859 will be the secondary confirmation for the upswing.
As per experts, if SHIB fails to gather buying pressure and mark a new high then it will suggest that investors are confused and are not interested. In such a scenario, Shiba can retest the buying zone which ranges from $0.0000328 to $0.0000446.
A daily close below $0.0000446 will go on to cancel the bull flag’s bullish thesis for the coin.