Popular joke currency Shiba Inu The (SHIB) price has been consolidating since hitting an all-time high on October 28. But SHIBthis correction in the resulted in a continuation pattern indicating that an exponential movement may occur.
The Price of Shiba Inu Is Ready to Explode
The price of Shiba Inu, has exited a continuation model known as the bull flag, but is waiting for a resurgence of buyers to launch an explosive move.
From October 23 to October 28 SHIB, it rallied by 0.00008850% to form a new peak at 219 dollars. This ascent in Shiba Inu is described as a flagpole. The price of Shiba Inu it consolidated after the rally, creating lower peaks and higher bottoms, resulting in a flag.
This technical formation is characterized by an increase of 219%, which is achieved by adding the height of the flagpole from 0.0006220 dollars to the breaking point Shiba Inu he points out that its price will reach 0.0019700 dollars.
Although the Shiba Inu price broke the flag’s upper trend line on November 9, there has been no increase in the joke currency yet. This consolidation in the SHIB can be considered the last buying zone that the popular crypto currency offers before making another zero.
Therefore, a potential increase in buying pressure, which pushed the price of Shiba Inu to establish a decisive four-hour candlestick above $ 0.00006490, will confirm the beginning of the rise. However, for investors who want to be more confident, secondary confirmation may come when the price of Shiba Inu reaches a higher level above $ 0.00008590.
A Bad Situation Scenario For Shiba Inu
On the other hand, Shiba Inu if its price fails to achieve the expected increase and breaks higher, this indicates that it is getting rid of the buying pressure. In such a case,, SHIB it can initiate a downward deceleration and retest the demand zone, which ranges from $ 0.00003280 to $ 0.00004460.
However, a one-day candlestick near the bottom of the 0.00004460 dollar indicates that the bull flag Shiba Inu it will override the bullish outlook for its price.