{"id":606070,"date":"2024-05-02T14:00:30","date_gmt":"2024-05-02T14:00:30","guid":{"rendered":"https:\/\/wncen.com\/?p=606070"},"modified":"2024-06-11T07:01:04","modified_gmt":"2024-06-11T07:01:04","slug":"crypto-analyst-242-shiba-inu-rally-bull","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/shiba-inu-coin\/crypto-analyst-242-shiba-inu-rally-bull\/","title":{"rendered":"Crypto Analyst Predicts 244% Shiba Inu Rally Based On Bull Flag"},"content":{"rendered":"

An analyst explained how Shiba Inu could be heading towards a massive rally based on a bull flag pattern that forms in its daily chart.<\/p>\n

Shiba Inu Has Been Consolidating Inside A Bull Flag Recently<\/h2>\n

In a new post<\/a> on X, analyst Ali has discussed about a bull flag that has recently appeared in the daily price of Shiba Inu. The bull flag<\/a> is a pattern in technical analysis (TA) that, as its name suggests, is shaped like a flag on a pole.<\/p>\n

The pattern forms when an uptrend is followed by a period of consolidation inside a parallel channel<\/a> toward the downward direction. The starting uptrend makes up for the pole, while the channel acts as the flag.<\/p>\n

Related Reading: Bitcoin Greed No More: Sentiment Back At Neutral After $57,000 Plunge<\/a><\/div>\n

Like other TA patterns, the consolidation channel or flag here comprises two parallel lines. The upper level connects the price tops, while the lower one joins the bottoms.<\/p>\n

When the asset retests either of these levels, it’s probable to undergo a reversal, with the upper line of the channel acting as a point of resistance and the lower one as support.<\/p>\n

A break above the resistance line is considered a bullish signal for the price. The uptrend resulting from such a break may be the same length as the flag’s pole.<\/p>\n

On the other hand, a drop below the flag (that is, a breakdown of support) invalidates the formation and may even suggest the takeover of bearish momentum for the asset.<\/p>\n

Similar to the bull flag, there is also the bear flag<\/a> in TA, which works much in the same way, except that it occurs during a downtrend (with the flag signifying consolidation towards the upside following a downward pole).<\/p>\n

Now, here is the chart shared by Ali that shows the bull flag pattern Shiba Inu has potentially been forming on its daily price recently:<\/p>\n

\"Shiba<\/p>\n

The formation that the memecoin's price has been displaying during the last few weeks | Source: @ali_charts on X<\/a><\/pre>\n
From the graph, it’s clear that the Shiba Inu 1-day price has been consolidating inside what appears to be a bull flag pattern channel in the past few weeks.<\/p>\n
“I’m placing buy orders around $0.000018343, aiming for a bullish breakout that sends $SHIB to $0.000072323,” says the analyst. The former level is about where SHIB should meet the flag’s support next if it continues in its current trajectory, while the latter target is based on the height of the pole.<\/p>\n
Related Reading: Bitcoin To $92,190: Crypto Analyst Reveals Path To ATH Target<\/a><\/div>\n
A run to the bullish target of $0.000072323 would imply a rally of more than 244% from the current spot price of the cryptocurrency, while from the lower support of $0.000018343, any such surge would correspond to a growth of over 294%.<\/p>\n
It remains to be seen whether Shiba Inu will show a break above this bull flag pattern and, if it does, whether the price will benefit from bullish effects.<\/p>\n
SHIB Price<\/h2>\n
At the time of writing, Shiba Inu is trading around $0.00002110, down more than 18% over the past week.<\/p>\n
\"Shiba<\/p>\n
Looks like the price of the coin has been heading down over the last few days | Source: SHIBUSD on TradingView<\/a><\/pre>\n
Featured image from Traxer on Unsplash.com, charts from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
An analyst explained how Shiba Inu could be heading towards a massive rally based on a bull flag pattern that forms in its daily chart. Shiba Inu Has Been Consolidating Inside A Bull Flag Recently In a new post on X, analyst Ali has discussed about a bull flag that has recently appeared in the daily price of Shiba Inu. The bull flag is a pattern in technical analysis (TA) that, as its name suggests, is shaped like a flag on a pole. The pattern forms when an uptrend is followed by a period of consolidation inside a parallel channel toward the downward direction. The starting uptrend makes up for the pole, while the channel acts as the flag. Related Reading: Bitcoin Greed No More: Sentiment Back At Neutral After $57,000 Plunge Like other TA patterns, the consolidation channel or flag here comprises two parallel lines. The upper level connects the price tops, while the lower one joins the bottoms. When the asset retests either of these levels, it’s probable to undergo a reversal, with the upper line of the channel acting as a point of resistance and the lower one as support. A break above the resistance line is considered a bullish signal for the price. The uptrend resulting from such a break may be the same length as the flag’s pole. On the other hand, a drop below the flag (that is, a breakdown of support) invalidates the formation and may even suggest the takeover of bearish momentum for the asset. Similar to the bull flag, there is also the bear flag in TA, which works much in the same way, except that it occurs during a downtrend (with the flag signifying consolidation towards the upside following a downward pole). Now, here is the chart shared by Ali that shows the bull flag pattern Shiba Inu has potentially been forming on its daily price recently: The formation that the memecoin’s price has been displaying during the last few weeks | Source: @ali_charts on X From the graph, it’s clear that the Shiba Inu 1-day price has been consolidating inside what appears to be a bull flag pattern channel in the past few weeks. “I’m placing buy orders around $0.000018343, aiming for a bullish breakout that sends $SHIB to $0.000072323,” says the analyst. The former level is about where SHIB should meet the flag’s support next if it continues in its current trajectory, while the latter target is based on the height of the pole. Related Reading: Bitcoin To $92,190: Crypto Analyst Reveals Path To ATH Target A run to the bullish target of $0.000072323 would imply a rally of more than 244% from the current spot price of the cryptocurrency, while from the lower support of $0.000018343, any such surge would correspond to a growth of over 294%. It remains to be seen whether Shiba Inu will show a break above this bull flag pattern and, if it does, whether the price will benefit from bullish effects. SHIB Price At the time of writing, Shiba Inu is trading around $0.00002110, down more than 18% over the past week. Looks like the price of the coin has been heading down over the last few days | Source: SHIBUSD on TradingView Featured image from Traxer on Unsplash.com, charts from TradingView.com<\/p>\n","protected":false},"author":542,"featured_media":606089,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[92559],"tags":[6664,26263,1558,83668,83667,92195,87764,89043,84562],"class_list":["post-606070","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-shiba-inu-coin","tag-crypto","tag-crypto-analyst","tag-cryptocurrency","tag-shib","tag-shiba-inu","tag-shiba-inu-bull-flag","tag-shiba-inu-bullish","tag-shiba-inu-rally","tag-shibusd"],"acf":[],"yoast_head":"\nCrypto Analyst Predicts 244% Shiba Inu Rally Based On Bull Flag<\/title>\n<meta name=\"description\" content=\"An analyst has explained how Shiba 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Verma","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/wncen.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/3d9c67b0b4a94fb480d44f29de96266e?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/3d9c67b0b4a94fb480d44f29de96266e?s=96&d=mm&r=g","caption":"Keshav Verma"},"description":"Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021. Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Crypto Analyst Predicts 244% Shiba Inu Rally Based On Bull Flag","url":"http:\/\/wncen.com\/news\/shiba-inu-coin\/crypto-analyst-242-shiba-inu-rally-bull\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/shiba-inu-coin\/crypto-analyst-242-shiba-inu-rally-bull\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/traxer-VKPYXqGpeYs-unsplash.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/traxer-VKPYXqGpeYs-unsplash.jpg?fit=6048%2C4024"},"articleSection":"Shiba Inu Coin","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["crypto","crypto analyst","cryptocurrency","shib","shiba inu","shiba inu bull flag","shiba inu bullish","shiba inu rally","shibusd"],"dateCreated":"2024-05-02T14:00:30Z","datePublished":"2024-05-02T14:00:30Z","dateModified":"2024-06-11T07:01:04Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Crypto Analyst Predicts 244% Shiba Inu Rally Based On Bull Flag\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/shiba-inu-coin\\\/crypto-analyst-242-shiba-inu-rally-bull\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/shiba-inu-coin\\\/crypto-analyst-242-shiba-inu-rally-bull\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/traxer-VKPYXqGpeYs-unsplash.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/traxer-VKPYXqGpeYs-unsplash.jpg?fit=6048%2C4024\"},\"articleSection\":\"Shiba Inu Coin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"crypto\",\"crypto analyst\",\"cryptocurrency\",\"shib\",\"shiba inu\",\"shiba inu bull flag\",\"shiba inu bullish\",\"shiba inu rally\",\"shibusd\"],\"dateCreated\":\"2024-05-02T14:00:30Z\",\"datePublished\":\"2024-05-02T14:00:30Z\",\"dateModified\":\"2024-06-11T07:01:04Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/traxer-VKPYXqGpeYs-unsplash.jpg?fit=6048%2C4024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/606070"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=606070"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/606070\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/606089"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=606070"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=606070"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=606070"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}