Shiba Inu’s Bullish Pennant Signals Potential 62% Surge

Shiba Inu's Bullish Pennant Signals Potential 62% Surge

A prominent technical analyst predicts a 62% rally for Shiba Inu, potentially boosting its value to $0.00004048 soon. In the past 24 hours, Shiba Inu surged approximately 7% to $0.00002615, marking one of its highest prices since April. However, a brief Bitcoin-led price correction wiped out most of these gains. 

This pullback negated Shiba Inu’s cumulative weekly and monthly performances, plunging it into negative territory. Despite this, Shiba Inu remains at $0.00002467 at press time, retaining most of the gains from two months ago.

SHIB Army Awaits Bullish Momentum

The SHIB Army eagerly awaits a return of the bulls, having gone nearly three months without a significant price upswing. In a recent post on X, technical expert Clifton highlighted a potential uptrend for Shiba Inu, noting a bullish pennant pattern on SHIB’s one-day chart. This formation suggests that Shiba Inu may resume its upward trajectory after a temporary consolidation period. 

Related article: Shiba Inu Investor Turns $2,625 Into $1.1M After 3.5 Years

Notably, SHIB experienced an initial surge in late February, but lost momentum by mid-March after reaching $0.000045. Following the surge, Shiba Inu entered a severe corrective phase, dropping to $0.000018 by April. Market observers identified the candlestick patterns formed since March as a bullish pennant. 

Clifton’s chart analysis suggests this pattern could lead to significant gains for Shiba Inu investors. If the pattern holds, Shiba Inu’s value could rise by as much as 62.13%, reaching $0.00004048. Clifton anticipates this bullish scenario could unfold within the coming weeks or by the end of June at the latest.

Related article: SHIB Marketing Lead Challenges Critics

Potential For New Heights

Meanwhile, analysts like Davie Satoshi, who also identified a bullish pennant on Shiba Inu’s chart, predict even higher targets. They suggest potential values surpassing $0.00005 following the breakout. Some analysts even speculate that Shiba Inu could soar to $0.00015 once the anticipated breakout occurs.

Thus, with technical analysis pointing to a bullish pennant pattern, Shiba Inu could see a substantial price increase soon. Investors and the SHIB Army are optimistic, awaiting the potential for significant gains in the coming weeks.

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Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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