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Shiba Inu (SHIB) Flashes Epic Bull Flag, What This Means

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Wed, 1/05/2024 - 14:14
Shiba Inu (SHIB) Flashes Epic Bull Flag, What This Means
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Shiba Inu (SHIB) is currently sitting on the edge, with some of its most visible metrics pointing toward an imminent sell-off. Top market analyst Ali Martinez, however, has projected a very intriguing trend for the meme coin. Per his recent exposition, SHIB might be gearing up for a bullish reversal.

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As noted by Ali Martinez, Shiba Inu is exhibiting a bull flag trend on the daily chart. A bull flag formation is a continuation pattern that is formed amid two major price spikes separated by a brief consolidation period. 

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Shiba Inu outpaced its bearish stalemate earlier this year when its price soared as high as $0.000036 in March. The Shiba Inu trend has, however, buckled under the weight of broader market uncertainty. With the spot Bitcoin ETF losing its inflow traction, the impact has been felt for altcoins, including Shiba Inu.

With the bull flag formation, Martinez hinted at a more hyped sentiment. He revealed plans to place a buy order on the token at $0.000018343, as he is "aiming for a bullish breakout that sends $SHIB to $0.000072323."

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Shiba Inu Bull Flag: Source: X/ali_charts

Shiba Inu's ambitions stumped

Shiba Inu is currently changing hands for $0.00002108, down by 8.71% in 24 hours and by more than 22% in the past week. However, it has remained elevated in the year-to-date (YTD) period, soaring by 11%.

The current bearish market trend has contributed to shifting the project’s focus from the top 10 in ranking to mere survival. Amid the 500% spike in Shiba Inu transaction fees, the outlook of SHIB has not changed, with investors choosing more safety bets overall.

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With Shibarium serving as a major utility and demand anchor, Shiba Inu community members are not giving up hope on the possibility of imminent revival. Martinez’s charts are also a sentiment booster that can drive prices overall.

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