Shiba Inu's Bull Flag Sparks Hopes for Price Reversal
Shiba Inu's price chart has formed a bull flag pattern, which some traders believe could lead to the removal of a zero in its current price. The bull flag is characterized by a strong upward move followed by a consolidation period that moves lower. If SHIB breaks higher through the upper boundary of the flag with strong volume, it may indicate a continuation setup.
SHIB Knight, a crypto trader, tweeted about the potential for Shiba Inu to 'delete a zero' in the coming days. The current price of SHIB is $0.000005162, up 3.35% in the last 24 hours but down 4.25% weekly.
The market's recent calm has not diminished crypto's relative strength, with most assets showing gains in the last 24 hours. Open interest remains steady at around $137.42 billion, while volume has dropped nearly 14%. This suggests that traders are neither adding long nor short bets and are waiting for a clearer directional cue.