Shiba Inu eyes ‘much wow’ 90% breakout as SHIB price paints a textbook bull pattern
The price of the Dogecoin-inspired meme cryptocurrency has been consolidating inside a structure that appears like a Bull Pennant.
The Shiba Inu (SHIB) market is in a very strong bull market in 2021, and one major continuation pattern on its longer timeframe charts highlights the scope for an additional 90% upside move ahead.
In detail, SHIB rose over 1,250% year-to-date (YTD) to establish the yearly high at $0.00003528 (data from Binance) on Oct. 8. Later, the cryptocurrency cracked under the profit-taking sentiment, leading to a 41.50% price correction to $0.00002060.
But bulls started accumulating SHIB near the said low level. A rebound ensued and the price rallied over 55% to $0.00003200, where it met another round of selloffs. Overall, the SHIB price kept forming lower highs and higher lows in the next sessions, forming a Triangle structure that appeared like a Bull Pennant.
Analysts treat Pennants as bullish continuation patterns, i.e., their formation, coupled with declining trade volumes, tends to send prices in the direction of their previous trend — by as much as the height of the previous price rally, also known as Flagpole.
So it appears, SHIB has been forming the same structure.
The most trusted name in the Canadian Financial Service Industry. With 17 years of experience, Hafez provides a secure and fast channel for all clients. Hafez assists clients in their tuition payments and refunds, individual payments, corporate payments and crypto currency transactions.