Shiba Inu's latest price action suggests a significant opportunity for a bullish breakout, as highlighted by technical analysis. According to a TradingView analyst, Shiba Inu is poised for a 400% breakout due to a bull flag pattern in the price chart.
The analysis noted a substantial 75% retracement from its yearly high of $0.00003595, forming this pattern. If this breakout occurs, it could lead Shiba Inu back towards its all-time high.
The Relative Strength Index (RSI) supports this bullish outlook, having recently broken above a descending trendline. Currently, RSI stands at 54.7, indicating a positive inflow trend among investors.
The Shiba Inu price has shown volatility in recent days, dipping to $0.00001613 but subsequently gaining around 11.84% to trade at $0.00001809. Despite resistance, analysts remain optimistic about a significant upward trajectory.
Another analyst, Javon Marks, also sees potential for a rise to $0.000081, assuming SHIB follows through on an earlier breakout pattern. This optimism is evidenced by SHIB's historical price movements during similar patterns.
