Shiba Inu prices flash historic Bull Market banner,

Technical analysis indicates that Shiba Inu is currently at a crucial price node, which may lead to a significant 400% increase. According to a analyst on the TradingView platform, the current price trend of Shiba Inu points to a comprehensive breakthrough in the bull flag pattern. If this interesting prediction comes true as expected, it will steadily bring the meme-inspired encryption currency back to its current all-time high.

On the platform, analyst (without_worries) made an interesting point after analyzing the price trend of Shiba Inu since the beginning of this year. By examining the 5-day candlestick price chart, the analyst emphasized a major correction and pointed out that Shiba Inu has retraced about 75% from its annual high of 0.00003595 USD. This adjustment is characterized by a series of lower highs and lower lows, forming a bull flag pattern.

The analyst pointed out several reasons why going long on Shiba Inu now is an advantageous opportunity. The most crucial factor is the breakout of the bull flag pattern, which typically indicates a continuation of the uptrend after a period of consolidation.

In addition, the relative strength index (RSI) has also issued a bullish signal. Since April, RSI has first broken through the downtrend line, and currently shows a significant rise trend. RSI is currently at 54.7 on the 5-day chart, reflecting the inflow trend of investors.

Although SHIB may still retest the Bull Market flag pattern, analysts emphasize that if SHIB experiences a second impulsive move, it may trigger a similar rebound as during the previous major breakout. During the previous rebound, SHIB surged by about 400%, reaching a peak of $0.00003595.

If history repeats itself under similar conditions, the price of Shiba Inu may surpass the current peak of 2024 and reach a target between $0.00006204 and $0.000074.

Over the past seven days, the price of Shiba Inu has experienced drastic fluctuations. From October 7th to October 10th, the price of SHIB showed a downward trend, falling to a low of 0.00001613 dollars. Since then, SHIB has risen by approximately 11.84% as of the time of writing, despite being rejected multiple times at 0.00001809 dollars.

The current trading price of SHIB is $0.00001809. Another analyst, Javon Marks, also believes that SHIB will return to its historical high. According to Marks' analysis, based on the previous breakout of the falling wedge pattern, SHIB is now free to rise to $0.000081.

(Data source: Scott Matherson)