Analyst Who Called Shiba Inu’s Previous 224% Rally Sights Potential for Another SHIB Surge Following This Breakout
A popular crypto analyst known as “ChartMonkey” on X has set his sights on Shiba Inu (SHIB), predicting a potential rally for the meme cryptocurrency. In a recent tweet, ChartMonkey highlighted a pattern forming on the SHIB/USDT chart, which he believes could lead to a significant price surge.
ChartMonkey, who accurately called SHIB’s previous 224.19% spike, pointed out the formation of a potential bull flag pattern on the chart. A bull flag is a technical analysis pattern that typically indicates a continuation of the previous uptrend after a brief consolidation period.
According to the analyst’s chart, SHIB’s price has been trading within a falling channel since the beginning of March. However, a breakout from this descending channel could trigger a rally, with ChartMonkey’s analysis suggesting a potential target of $0.000048 for SHIB.
In his tweet, ChartMonkey emphasized the importance of closely monitoring this channel, stating, “LONG: #SHIBUSDT $SHIB by planfomo $SHIB #ShibaInu Trading Idea: We gave you this call when SHIB/USD was up 224.19%. Now, a potential bull flag is forming, signaling another rally. A breakout could lead to a surge. Watch this channel closely!”
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Show more +It’s worth noting that technical analysis patterns are not always reliable predictors of future price movements, and traders should exercise caution and conduct their own research before making investment decisions.
The Shiba Inu cryptocurrency, inspired by the popular Doge meme, has gained a significant following among retail investors and has experienced substantial price volatility in the past. As with any cryptocurrency investment, it is crucial to understand the risks involved and invest responsibly.
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