Shiba Inu (SHIB) Forms Major Bullish Pattern

The Shiba Inu (SHIB) meme is signaling a potential upswing in the market, with a bullish flag being recently spotted on its chart. The Dogecoin competitor is currently trading at $0.00000782.

Deciphering bullish flag

A close look at the chart attached by the trader indicates that SHIB is undergoing 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 move, known as the flagpole, followed by a consolidating phase that creates the “flag” shape.

$SHIB is forming another bullish flag! Let’s see! 👀 pic.twitter.com/PBVJHpCET7

— $SHIB KNIGHT (@army_shiba) October 27, 2023

Once the price breaks out above the consolidation zone, it is generally seen as a sign of an impending upward surge.

The green arrow on the chart emphasizes the potential trajectory of this breakout, pointing toward higher price levels.

SHIB’s price performance

Currently ranked 19th in terms of market capitalization, Shiba Inu boasts a price of $0.00000781 after a modest 0.7% increase.

Over the past day, SHIB has oscillated between a low of $0.00000765 and a high of $0.00000793, showcasing little volatility.

However, it remains to be seen whether there is enough bullish momentum for the SHIB cryptocurrency to erase another zero.

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