Technical Analysis shows that the SHIB bull flag pattern has formed and may rise by 43%.

Gate News bot message: As of the time of writing, Shiba Inu ( SHIB ) has fallen by about 1% in the last 24 hours, continuing the ongoing pullback trend, after long positions were blocked at $0.0000159 over the weekend. However, Technical Analysis and two on-chain indicators suggest that SHIB is about to pump 43% to $0.000021.

Like most meme coins, the price movement of SHIB is also synchronized with Bitcoin, which experienced a slight decline during the same period. However, due to the market sentiment still being in the “greed” zone, SHIB still has room for a rebound. The main factors driving this rebound include:

-牛旗(bull flag)形态预示 SHIB 将pump 43%；

-Social trading volume surged by 155%;

• The network profit and loss ratio indicates that SHIB has bottomed out.

The daily chart of SHIB shows a bull flag pattern. This pattern appears during a pullback after a significant pump in SHIB.

The height of the flagpole indicates that if SHIB can break through the resistance level of the upper boundary of the parallel channel, its price will rise by 43% to $0.000021. At that time, SHIB will be close to its peak of $0.000024 in 2025.

The downward-sloping ADX line further confirms this bullish prediction. As the ADX line tilts southward, the indicator suggests that the downtrend of the parallel channel is weakening, and a bullish breakout may occur.

However, the RSI indicator shows that long positions are unwilling to give up control, with an RSI value of 50 indicating that market sentiment is at a neutral level, which may hinder SHIB from achieving a significant pump. Additionally, the speculation around SHIB has heated up, with Santiment data showing that the social trading volume of the coin has increased by 155% in 24 hours.

At the same time, the Network Realized Profit/loss indicator indicates that the SHIB price has bottomed out. In 24 hours, the indicator has fallen from 104,000 to -652,000, suggesting that most SHIB holders are currently in the red.

In the past, such a fall typically indicated the formation of a bottom, just like SHIB rebounded shortly after hitting the bottom. If this is indeed the case, the price is about to rebound to 0.000021. This bottom signal also coincides with the decline in the SHIB/DOGE exchange rate, further supporting the bullish argument.

Source: CoinGape