NAIROBI (CoinChapter.com)—Shiba Inu (SHIB) may be poised for a rally after crypto analyst Clifton Fx identified a bullish flag pattern on the token’s three-day chart. The setup, which reflects a potential breakout above key resistance levels, suggests that SHIB could surge if it breaches this pattern. Despite recent struggles, this technical analysis offers hope for SHIB enthusiasts eyeing a potential price boost.
Bullish Flag Pattern Signals a Possible Breakout
Clifton Fx, a prominent figure on the social platform X with over 17,000 followers, shared insights on SHIB’s technical trajectory. According to the analyst, SHIB’s price chart displays a bullish flag. This is a pattern that often hints at upward momentum following a consolidation phase. The analysis, backed by a visual chart, indicates a descending channel marked by parallel trendlines, which have defined SHIB’s movement since its peak in March.
If SHIB breaks above the upper boundary of this channel, Clifton Fx predicts an 80-90% price rally. This breakout could push SHIB’s price to around $0.000035, a level nearly double its current value of $0.00001747. However, without a breakout confirmation, SHIB’s current resistance zone remains intact, keeping the token’s movements restricted.
SHIB’s Burn Activity Adds to Optimism
In addition to the bullish technical pattern, Shiba Inu’s recent burn activity has intensified community interest. Data from Shibburn, a platform tracking SHIB burns, reveals that 6.1 billion SHIB tokens were burned in Oct., encompassing 105 separate transactions. Despite this substantial reduction in supply, SHIB’s price action has remained subdued, reflecting a broader lack of momentum.
Notably, Shiro Neko, a new cat-themed meme coin, initiated a $100,000 SHIB burn, aiming to foster goodwill within the SHIB community. The token burn reduced the circulating supply. This theoretically enhanced SHIB’s value by adhering to the basic principles of supply and demand. Shiro Neko’s initiative quickly gained traction, sparking conversations within the SHIB ecosystem and raising curiosity about future collaboration between the two meme token communities.
Lead Developer Defends SHIB’s Long-Term Vision Amid Community Criticism
As SHIB’s community watches for a potential breakout, discussions about the token’s long-term goals persist. Shytoshi Kusama, Shiba Inu’s lead developer, recently addressed critiques about SHIB’s ambitious $0.01 target. In response to Nick Tomaino, a partner at 1confirmation who overlooked SHIB in a list of influential crypto projects, Kusama defended SHIB’s progress and impact. Kusama’s response emphasized SHIB’s accomplishments. He underscored the perception that only part of the crypto community fully recognizes its value.
The debate escalated when a user remarked that SHIB would gain credibility only upon reaching $0.01. Kusama refuted this sentiment, asserting SHIB’s achievements while calling for greater appreciation from the broader crypto ecosystem. The conversation underscored the tension between SHIB’s perceived potential and its current market standing.
As the Shiba Inu community awaits confirmation of the bullish breakout pattern, the token’s evolving narrative highlights both technical analysis and social dynamics. SHIB holders remain hopeful, yet cautious, as they monitor critical resistance levels and the broader market’s response.
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