Technical Analysis and Expected Breakout

According to technical analysis, Shiba Inu ( #shiba⚡ ) is currently at a crucial price point that could lead to a massive 400% breakout. An analyst from the TradingView platform shows that Shiba Inu's current price action indicates a full breakout of the bullish flag pattern. If this prediction holds, the meme-inspired cryptocurrency could be on a steady path to return to its all-time high.

Shiba Inu's Price Awaits Bullish Flag Breakout

An analyst on TradingView, going by the nickname "no worries," has been examining Shiba Inu's price movement since the beginning of the year. Based on a 5-day candlestick chart, they found that Shiba Inu has experienced a 75% correction from its yearly high of $0.00003595. This correction created a series of lower highs and lower lows, forming a bullish flag pattern.

The analyst also stated that holding Shiba Inu ( $SHIB ) at this stage presents a favorable investment opportunity. The most critical factor is a breakout above the bullish flag pattern, which often signals a continuation of an upward trend following a period of consolidation.

Indicators Confirming the Bullish Trend

Another positive sign is the Relative Strength Index (#RSI ), which signals a bullish market. For the first time since April, the RSI broke above a downtrend line and saw significant growth. Currently, the RSI stands at 54.7 on the 5-day chart, reflecting increased investor interest in this cryptocurrency.

Although there is a possibility that Shiba Inu could retest the bullish flag pattern, the analyst points out that if a second impulsive move occurs, it could trigger a rally similar to the previous major breakout. During that rally, Shiba Inu's price surged by about 400%, reaching a peak of $0.00003595.

If history repeats itself under similar conditions, Shiba Inu could see a price breakout above its current high in 2024 and reach a target between $0.00006204 and $0.000074.

Bullish Predictions for SHIB

In the past seven days, Shiba Inu’s price has been marked by intense volatility. From October 7 to October 10, SHIB's price tended to decline, reaching a low of $0.00001613. From that point until the time of writing, SHIB has gained approximately 11.84%, though it has faced rejection several times at $0.00001809.

At the time of writing, SHIB is trading at $0.00001809. Another analyst, Javon Marks, echoes the return to SHIB’s all-time high. According to Marks' analysis, based on the earlier breakout of the descending wedge pattern, SHIB now has room to rise as high as $0.000081.

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