An analyst has spotted a bullish flag on the three-day Shiba Inu (SHIB) chart, predicting a breakout above resistance.
Shiba Inu (SHIB) has struggled to maintain its upward momentum lately, remaining in a limited trading range. The asset’s current price is $0.00001747, reflecting a decline of 6.04% over the past 24 hours.
Despite these lackluster results, an analyst at social media platform X has identified a potentially bullish pattern that could improve SHIB’s trajectory.
Shiba Inu Bull Flag Formation Revealed
Clifton Fx, a crypto analyst known for his market insights, shared an analysis with his 17,000+ followers highlighting a bull flag formation for SHIB. The chart provided by Clifton Fx shows a descending channel characterized by parallel trend lines that served as resistance and support levels.
This structure indicates a long-term downtrend for SHIB/USDT, observed since its peak in March. The current price of the asset is fluctuating near the upper boundary of this channel, which suggests a possible test of this resistance.
The analysis further notes that a break above the upper trendline could signal a strong bullish rally. The projected move, marked in the green area on the chart, indicates that SHIB could potentially rise to $0.00003500, which represents an approximate increase of 89.76% from its current level.
Lead Shiba Inu Developer Responds to Criticism Over SHIB’s $0.01 Target
This analysis comes amid ongoing discussions within the Shiba Inu community regarding its future and acceptance in the crypto space. Shitoshi Kusama, lead developer of the Shiba Inu team, recently responded to criticism regarding SHIB’s progress toward the $0.01 target.
This response followed a post by Nick Tomaino, a partner at 1confirmation, who listed what he considered the most influential crypto projects, excluding Shiba Inu. Kusama’s response indicated a feeling of undervaluation, expressing frustration that the project was being ignored despite its market cap ranking.
The conversation escalated when one user noted that SHIB would not be taken seriously until it reached $0.01. Kusama responded to this sentiment by highlighting SHIB’s significant achievements, while emphasizing that only a portion of the crypto community has fully recognized its impact.
Large-scale token burning
In addition to recent events, Shibburn, a platform that tracks Shiba Inu burns, reported a significant token burn of 5.58 billion SHIB tokens. This transaction, recorded yesterday at 20:31 (UTC), was made from an anonymous wallet and has attracted the attention of the entire SHIB community. Burns reduce the circulating supply, theoretically increasing the value of the remaining tokens based on basic supply and demand dynamics.
The origin of the transaction was later confirmed by Shiro Neko, a new cat-themed meme coin. Shortly after the burn, Shiro Neko revealed on X that they had initiated a $100,000 SHIB burn as a gesture of goodwill and an attempt to strengthen ties with the Shiba Inu community. Their post asked if “cats and dogs can be friends now,” sparking curiosity and discussion in the SHIB ecosystem.
