Shiba Inu (SHIB) Poised for a Rally as Bullish Flag Pattern Emerges on the Three-Day Chart

Shiba Inu (SHIB) may be poised for a rally after crypto analyst Clifton Fx identified a bullish flag pattern on the token's three-day chart.

Crypto analyst Clifton Fx has identified a bullish flag pattern on three-day chart of Shiba Inu (SHIB). The technical setup suggests that the token could surge if it breaches this pattern.

Clifton Fx, who boasts over 17,000 followers on the social platform X, shared his analysis on SHIB’s technical trajectory. The analyst observed a bullish flag on SHIB’s price chart. This pattern typically indicates upward momentum following a consolidation phase. Clifton Fx accompanied his analysis with a visual chart, highlighting a descending channel marked by parallel trendlines that have defined SHIB’s movement since peaking in March.

If SHIB breaks out above the upper boundary of this channel, Clifton Fx anticipates an 80-90% price rally. This breakout could push SHIB’s price to around $0.000035, nearly doubling its current value of $0.00001747. However, without confirmation of the breakout, SHIB’s current resistance zone remains intact, limiting the token’s movements.

To the delight of SHIB enthusiasts, the token’s recent burn activity has also garnered attention. According to data from Shibburn, a platform that tracks SHIB burns, 6.1 billion SHIB tokens were burned in October across 105 separate transactions. Despite this significant reduction in supply, SHIB’s price action has remained largely muted, reflecting a broader lack of momentum in the token’s movement.

notable burn came from Shiro Neko, a new cat-themed meme coin that burned $100,000 worth of SHIB in a gesture of goodwill toward the SHIB community. The token burn, which was designed to decrease the circulating supply of SHIB, also aimed to foster a relationship between the two meme token communities.

As SHIB’s community anticipates confirmation of the bullish breakout pattern, discussions persist regarding the token’s long-term goals. Shytoshi Kusama, the lead developer of Shiba Inu, recently addressed critiques about SHIB’s ambitious $0.01 target. In response to Nick Tomaino, a partner at 1confirmation who omitted SHIB from a list of influential crypto projects, Kusama defended SHIB’s progress and impact.

While Tomaino’s selections were met with enthusiasm from the crypto community, his omission of SHIB sparked discussions among its massive holder base. As it turns out, only part of the crypto community fully acknowledges SHIB’s value, an observation that was highlighted by Kusama’s response to Tomaino’s selections.

The conversation took an interesting turn when a user commented that SHIB would gain credibility only upon reaching $0.01. Kusama quickly refuted this sentiment, asserting SHIB’s achievements while calling for greater appreciation from the broader crypto ecosystem. The exchange of words highlighted the tension between SHIB’s perceived potential and its current market standing.

As the dust settles and SHIB’s community awaits confirmation of the bullish breakout pattern, the token’s evolving narrative highlights both technical analysis and social dynamics. While Clifton Fx’s analysis offers hope for SHIB enthusiasts eyeing a potential price boost, the token’s fate ultimately lies in the hands of the market and the collective optimism surrounding its future.