The ongoing consolidation by Shiba Inu has resulted in the formation of a bull flag, suggesting a retest of the recent highs is on the horizon.
After hitting a new high of around $0.000045, the price of Shiba Inu saw a strong correction that pushed it as low as $0.000027. However, Shiba Inu has since rebounded alongside the rest of the market and now trades at $0.000033.
Technical indicators also point to further gains on the horizon for Shiba Inu investors. Prime among these indicators is the formation of a bull flag on the 4-hour chart.
As originally shared by official MEXC partner Crypto Sheriff, the elegant bull flag puts Shiba Inu on course to surpass the earlier highs in the future.
If such an outcome plays out, Shiba Inu’s recent run would only have been a trailer of what the cryptocurrency will deliver in a full-blown bull market. He urged investors to focus on higher goals, remembering that Shiba Inu, just like the rest of the market, is now in bull season.
#SHIB bullish flag!🔥🦬 You've only watched the bull run trailer of $SHIB!
Always focus on higher goals because we are in the bull season now! pic.twitter.com/ye5dqMPgSS
— CRYPTO SHERIFF (@Gem_Sheriff) March 7, 2024
Other Indicators Point to Further Gains
Beyond the bull flag, other indicators suggest that the Shiba Inu really may not be done yet. One such indicator is the Moving average convergence/divergence (MACD), which highlights the relationship between two average prices of an asset.
As the chart below shows, both lines on the daily Shiba Inu MACD indicator remain widely apart. This indicates the potential start of a bullish trend as opposed to bearish trends that force the purple line to climb over the green line.
Moving away from the charts, Shiba Inu’s price has also enjoyed some significant fundamental boosts. For instance, the team has announced plans to initiate a massive SHIB burn that will provide mild deflationary pressure during a period of strong demand.
In addition, Shiba Inu’s layer-2 network Shibarium has seen significant uptake. The network recently surpassed the milestone of 400 million transactions in less than seven months after its initial release.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
