The price of Shiba Inu (shib) rose more than 10% in one day amid broader bullish moves in meme cryptocurrencies in the past 24 hours. But the price of SHIB will go up even more
SHIB Price Follows Dogecoin Gains
On April 4, the SHIB price reached $0.00001159 a day after recovering from its local low of $0.00001049, an increase of 10.5%. Still, the meme-token underperformed most of its rivals, including Dogecoin (DOGE), which jumped more than 30% in the same period.
In a period of time to date, the gains of SHIB and DOGE are almost identical, around 38%.
The price of SHIB began to rise after Twitter, owned by self-proclaimed Dogecoin supporter Elon Musk, replaced its iconic blue bird logo with the Dogecoin Shiba Inu symbol. SHIB/U has similarly recovered in the past due to Musk's Dogecoin mentions on Twitter.
Interestingly, in October 2021, Musk cleared up which does not hold Shiba Inu.
Extended Shiba Inu price unlikely to rise
From a technical standpoint, SHIB has been consolidating higher within what appears to be a bear flag pattern, which may limit its ability to reflect a 30% price rally similar to Dogecoin.
Related: Shiba Inu community divided over accusations of code and chain identification plagiarism
A bear flag is a bearish continuation pattern that forms when the price tends to rise briefly within a parallel ascending channel after suffering sharp declines. It resolves after the price breaks below the lower trend line on strong volumes and falls by as much as the height of the previous downtrend (flag pole).
Starting April 4, SHIB tests the upper trend line of the flag (near $0.00001160) to spot a possible pullback towards the lower trend line (near $0.00001050) in April.
A close further below the lower trend line may trigger the bear flag breakout scenario, with its downside target near $0.00000883 in April, more than 20% below current price levels.
Conversely, a break above the upper trend line of the flag risks invalidating the bearish setup. In doing so, SHIB's bullish target appears to be at its long-term falling trendline resistance โ around $0.00001400 in April, up 25% from current prices.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should do their own research when making a decision.
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