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SHIB Price Pulls Out Bull Flag, Setting Sights On New Levels

SHIB Price Pulls Out Bull Flag, Setting Sights On New Levels

DailycoinDailycoin2024/11/22 07:44
By:Dailycoin
  • Following a 35% run in 7 days, Shiba Inu picks up pace in trading volume.
  • Over 71% away from all-time high, SHIB gathers strength for a second round.
  • Shiba Inu’s price constructs a bullish flag pattern on the one-hour tech charts.

As multiple major-cap meme coins topped their previous heights in this meme coin rally, the two dog dogs Shiba Inu (SHIB) and Dogecoin (DOGE) remained sidelined by this metric, still tracing double-digit percentages from the record. While DOGE price is still 47% away from the all-time peak, Shiba Inu’s (SHIB) distance sums up to over 70%, as the SHIB Army’s favorite token SHIB was spearheaded to $0.00008616 over three years ago.

#ShibaInu forms a bull flag, signaling a move to $0.000037 if $SHIB can break past the $0.000025 resistance. pic.twitter.com/PFbTQtfbZb

— Ali (@ali_charts) November 21, 2024

While history repeats itself on many occasions, Shiba Inu’s (SHIB) one-hour price charts have signaled a bullish flag, evident in Ali Martinez’s latest technical analysis. Dwelling around a crucial resistance level around $0.000025, SHIB’s bullish flag adds substance for an extended rally, even though more traders decide to short-sell Shiba Inu (SHIB) than take long leveraged positions, latest CoinGlass data unveils.

Next SHIB Price Levels To Watch Out For

Crypto connoisseurs are marking new price targets for Shiba Inu (SHIB), given that the market correction doesn’t push SHIB price below $0.000025. This historically-sensitive price level has formed a long-term demand zone, where 75.18 trillion Shiba Inu coins are split between 107.9K crypto wallets, according to IntoTheBlock .

SHIB Price Pulls Out Bull Flag, Setting Sights On New Levels image 0 SHIB Price Pulls Out Bull Flag, Setting Sights On New Levels image 1

Portrayed in the gray bubble, the 75.1T SHIB resistance tunnel starts at $0.000022 and ends at $0.000026, soaking up a bigger volume than the next four resistance bubbles combined. If the area holds, Shiba Inu’s (SHIB) next target in the meme coin supercycle is at $0.000037, argues vet crypto analyst Ali Martinez.

This would take SHIB price back to the yearly heights, picked in the tremendous meme coin rally back in March, 2024. In the current post-U.S. elections rally, Shiba Inu’s (SHIB) gains have been notably smaller, with SHIB price not going past $0.000029 amidst the 35% monthly SHIB price hike.

Over 1.6 trillion $SHIB moved off exchanges in the past day.

The last time we saw withdrawals like this, $SHIB saw a massive price jump!
– @ali_charts pic.twitter.com/4QOKxXglcv

— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) November 20, 2024

On the other hand, this signals potential for a breakout, having in mind that over 1.6T Shiba Inu coins were moved off major crypto exchanges in 24 hours. Last time this happened, Shiba Inu (SHIB) produced a triple-digit rally, SHIB’s marketing lead Lucie reminded the X audience. As of press time, the #13 seated meme coin is exchanging hands at $0.00002479, whipping up a daily trading volume of $1.48 billion

On The Flipside

  • Crypto market maker Wintermute has sold $1,059,725 worth of Shiba Inu tokens over the past 24 hours, according to Nansen’s on-chain intelligence.
  • In a 7-day period, the biggest seller was the token millionaire who sold off all of their SHIB holdings for a total revenue of $1,578,077, or 33% ROI.

Why This Matters

Technical implications often precede a price trend switch, even though price movements depend on a tally of other factors, including adoption cases and social sentiment.

Check out DailyCoin’s trending crypto news:

From Quant to Just a Chill Guy: How Crypto Degeneracy Hinders Adoption
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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