Shiba Inu (SHIB) could be on the brink of a surge, as crypto analyst Clifton Fx has identified a bullish flag pattern on the token’s three-day chart. This pattern suggests a potential breakout above crucial resistance levels, indicating a possible price increase for SHIB. Despite recent challenges, this technical analysis provides optimism for SHIB supporters anticipating a price boost.
The bullish flag pattern, as highlighted by Clifton Fx, is a promising sign for SHIB’s future trajectory. It indicates a consolidation phase followed by upward momentum, represented by a descending channel on SHIB’s price chart since its peak in March.
If SHIB manages to break above the upper boundary of this channel, Clifton Fx predicts a significant 80-90% price rally. This breakout could potentially propel SHIB’s price to approximately $0.000035, nearly doubling its current value. However, until this breakout is confirmed, SHIB’s resistance zone remains in place, limiting its movement.
In addition to the technical analysis, recent burn activity within the Shiba Inu community has sparked interest. Data from Shibburn reveals that 6.1 billion SHIB tokens were burned in October through 105 transactions. Despite this reduction in supply, SHIB’s price has not seen a significant increase, indicating a lack of momentum.
A notable contribution to the burn activity was made by Shiro Neko, a new cat-themed meme coin that initiated a $100,000 SHIB burn. This move reduced the circulating supply and potentially increased SHIB’s value based on the principles of supply and demand. The initiative garnered attention within the SHIB community, leading to discussions about potential collaborations between the two meme token communities.
As SHIB’s community awaits confirmation of the bullish breakout pattern, conversations about the token’s long-term goals continue. Lead developer Shytoshi Kusama responded to criticisms about SHIB’s ambitious $0.01 target, defending the token’s progress and impact. Despite doubts from some in the crypto community, Kusama highlighted SHIB’s achievements and called for greater recognition.
The ongoing debate underscores the tension between SHIB’s perceived potential and its current market position. As SHiba Inu holders remain hopeful but vigilant, they monitor critical resistance levels and market responses, balancing technical analysis with social dynamics in their anticipation of SHIB’s future.