Shiba Inu (SHIB) Looks Ready for a Big Rally, According to Experts

The Shiba Inu price chart was creating what appeared to be a bullish flag pattern. The bullish flag pattern is characterized by a little bit of downward consolidation after a big upward price move akin to a flag to a pole.

Shiba Inu (SHIB) has once again become the center of attention among crypto enthusiasts. As we take a closer look at its daily chart, promising signs of another bullish phase emerging are evident.

The meme coin recently breached some key resistance levels, which has Javon Marks buzzing about the potential for a major price surge.

According to his analysis, SHIB could be preparing for a massive rally, targeting a breakout target of $0.000081, presenting a potential increase of over 216%.

If momentum carries on, SHIB investors could be looking at a price explosion, more than tripling its current valuation.

But let's pivot and see how Shiba Inu performed in the market. Its market performance has been somewhat restrained.

At the time of writing, SHIB trades at $0.00002749, notching up an 11.31% price increase in the last day of trading.

The market cap stood healthy at about $16.19 billion as pundits anticipated the upward push in SHIB’s price and daily trading volume.

The meme coin eventually picked up upward momentum during the 24-hour time frame.

Shiba Inu charts showed that SHIB has been in a consolidation phase after a significant upward surge and being “locked in” within a very narrow range of trading.

Price fluctuations were confined in a consolidation box highlighted on the chart. These seem to be consolidation bounds.

If the forces of supply and demand were close in balance, perhaps there was a period of market indecision in this consolidation.

However, at 51.69, we also notice the Money Flow Index. A value of around 50 on the MFI implies a neutral market sentiment and is devoid of clear directional bias.

It reveals price consolidation in line with the look of the market that it is neither overbought nor oversold.

Time will tell whether what we experience is the market’s way of showing its uncertainty. The consolidation pattern and the MFI’s neutral stance support this, or if this is purely margin expansion.

Perhaps, traders are waiting for the catalyst or a breakout from the range to push the price out to a new high. Critical levels to watch for breakout or breakdown potential will be the resistance at the upper boundary and support at the lower boundary of the consolidation box.

A close above the upper consolidation boundary for some time now would signal the continuation of the bullish trend. Alternatively, a break below the lower bound of the consolidation box might suggest a possible bearish reversal.