New Delhi: Self-claimed DOGE killer Shiba Inu slipped out of the top 10 cryptocurrencies recently. It is being reported that a stakeholder decided to move 40 trillion Shiba Inu tokens between different wallets which caused panic in the crypto market.
SHIB lost almost 15% of its value on Thursday but DOGE killer was really fast to recover from the losses and was able to jump back up by 18%.
Right now, SHIB is riding inside a continuation pattern which eventually suggests a breakout from here. As per experts, an upward spike from here can turn into a massive upswing that can double the market value of the Shiba Inu. This is the reason to keep a close eye on the SHIB.
Shiba Inu’s price will continue to move in the same direction with a bull run flag with it. SHIB has already surprised the investors as it went to touch $0.0000885 on October 28 after rallying 220% in roughly six days.
As per analysts, the technical formation predicts a 200% upward swing, and as the pattern suggests, the next target will be $0.000197 for the SHIBA INU. To achieve $0.000197 SHIB has to produce a daily close above $0.0000649 and the investors will get the secondary confirmation when Shiba Inu will go on to touch the $0.0000781 price resistance.
As this ascent will be straightforward, investors can expect a slow down of around $0.000123 which is also a bullish target as the bullish pattern suggests.
However, if SHIB went on to retest the $0.0000479 price level then it will create a makeshift double bottom pattern which will allow the bulls to give it another try to start the upward trend.
If buyers fail to defend this resistance then it rejects the bull flag’s bullish thesis and will push the meme-coin to enter the demand zone ranging from $0.0000328 to $0.0000446.