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Shiba Inu (SHIB) forms a bull flag, signaling a move towards $0.000037 if SHIB manages to break above resistance at $0.000025, as just reported Ali Martineza prominent crypto analyst who is considered an expert in technical analysis.
A bull flag pattern in cryptocurrency price action is a technical indicator that often signals continued bullish momentum, meaning the price is likely to continue rising. This trend usually forms after a strong price rally, followed by a period of consolidation or a slight retracement, which creates a flag-like pattern on price charts.
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During today’s trading session, the price of Shiba Inu the token increased by almost 3.5%, and 7.74% if calculated from the day’s lows. The past 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, SHIB price has lost 25% at the lowest levels and 18% at current levels. Yet the total price increase for this month alone is 38.6% from the current level.
If SHIB rises to $0.000037, local highs will be rewritten, as this price level has not been seen for the leading coin since last spring, when the market was surging as Bitcoin renewed its high 2021 history. Additionally, $0.000037 is 140.35% away from the Shiba Inu token’s all-time high.
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But first, as the analyst mentions, it is $0.000025 that is a hurdle that needs to be overcome before the bull flag pattern plays out the way it is supposed to. If it fails, the pattern will continue or, at worst, be broken.