The Shiba Inu (SHIB) meme is signaling a possible rally in the market, with a bullish flag being recently seen on your chart. The Dogecoin competitor is currently trading at $0.00000782.
Deciphering the bullish flag
A close look at the chart attached by the trader indicates that SHIB is experiencing a bullish flag formation, a classic technical analysis pattern that often suggests a continuation of an existing trend.
The flag pattern is characterized by an initial sharp upward movement, known as the flagpole, followed by a consolidation phase that creates the “flag” shape.
Once the price breaks through the consolidation zone, it is generally considered a sign of an imminent rise.
The green arrow on the chart emphasizes the potential trajectory of this breakout, pointing towards higher price levels.
SHIB Price Performance
Shiba Inu, currently ranked 19th in terms of market capitalization, is priced at $0.00000781 after a modest 0.7% increase.
Over the past day, SHIB has fluctuated between a low of $0.00000765 and a high of $0.00000793, showing little volatility.
However, it remains to be seen if there is enough bullish momentum for the SHIB cryptocurrency to clear another zero.
