Elon Musk's Dogecoin stunt excites Shiba Inu bulls. But for how long?
From a technical standpoint, SHIB has been consolidating higher inside what appears to be a bear flag pattern, which may limit its ability to mirror a Dogecoin-like 30% price rally.A bear flag is a bearish continuation pattern that forms when the price trends higher briefly inside an ascending parallel channel after undergoing sharp declines. It resolves after the price breaks below the lower trendline with strong volumes and falls by as much as the previous downtrend’s height .
As of April 4, SHIB has been testing the flag’s upper trendline for a potential pullback toward the lower trendline .A further close below the lower trendline may trigger the bear flag breakdown scenario, with its downside target near $0.00000883 in April, down over 20% from current price levels. Conversely, a breakout above the flag’s upper trendline risks invalidating the bearish setup. In doing so, SHIB’s upside target appears to be at its long-term descending trendline resistance — at around $0.00001400 in April, up 25% from current prices.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Whopping 1 Billion SHIB Burned in Past Week, Shiba Inu Price in GreenThe SHIBarmy burned 1 billion $SHIB over the last seven days as wallet activity on the network hit a yearly high. shibburn
Read more »
The Dogecoin price spikes after Elon Musk changes Twitter logo to the Shiba Inu dogDogecoin's price surged 30% on Monday as Elon Musk changed the Twitter app logo from a blue bird to a Shiba Inu dog, while he simultaneously faces a $258 billion class-action lawsuit alleging he promoted the cryptocurrency as part of a pyramid scheme.
Read more »
Shiba Inu (SHIB) Flashes 2 Key Signs Uptrend Is Underway: DetailsShiba Inu seeing massive transaction count, leading to more tokens being burnt
Read more »
DeFi Tokens, Shiba Inu Clones Populate zkSync as Locked Value Climbs to $100MOver 3.3 million transactions have been conducted on the zkSync network since its March 24 launch. However, some say the launch has been muted relative to the hype. By shauryamalwa.
Read more »
6 Trillion Shiba Inu (SHIB) Recently Moved by Mysterious Whales, What's Happening?Shiba Inu whale shifts 6 trillion SHIB tokens in recent hours ShibArmy SHIBCommunity Shibainu $SHIB
Read more »
Shiba Inu (SHIB) Makes Surprisingly Awful MoveCryptocurrency market not feeling well since assets like $SHIB and $ARB are experiencing turmoil
Read more »