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Shiba Inu (SHIB) is forming s a bull flag, signaling a move to $0.000037 if SHIB can break past the $0.000025 resistance, as just reported by Ali Martinez, a prominent crypto analyst who is considered a technical analysis expert.
A bull flag pattern in cryptocurrency price action is a technical indicator that often signals a continuation of upward momentum, meaning the price is likely to keep going up. This pattern usually forms after a major price surge, followed by a period of consolidation or a slight retracement, which creates a flag-like shape on the price charts.
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During today’s trading session, the price of the Shiba Inu token rose by almost 3.5%, and by 7.74% if we calculate from the day’s lows. The last few days have been uncertain, with the price action of the popular meme-inspired cryptocurrency more like a roller coaster than anything comprehensible.
Since reaching a high of $0.00003 earlier in November, the price of SHIB has lost 25% at the very lows and 18% to the current levels. Still, the total price increase in this month alone is 38.6% to the current level.
If SHIB rises to $0.000037, the local highs will be rewritten, as this price point has not been seen for the major meme coin since last spring, when the market was pumping amid Bitcoin renewing its 2021 all-time high. What’s more, $0.000037 is 140.35% away from the record high for the Shiba Inu token.
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But first, as the analyst mentions, it is $0.000025 that comes as an obstacle that needs to be cleared before the bull flag pattern plays out as it is supposed to. If it fails, the pattern will be prolonged or, at worst, broken.