Shiba Inu Eyes $0.000035 After Crucial Bull Flag Breakout Against Bitcoin

Shiba Inu (SHIB) is making a positive move towards the $0.000035 price level after a significant breakout against Bitcoin (BTC). The wider cryptocurrency market is currently experiencing a downtrend, and Shiba Inu has been following suit with a decline of 22.48% this month. However, it is worth noting that Bitcoin has outperformed Shiba Inu during this period. Despite this, Shiba Inu’s recent strength against Bitcoin comes after a remarkable surge from SHIB in comparison to the leading cryptocurrency. Shiba Inu showed great potential during the meme coin frenzy in late February, reaching a 12-month high against Bitcoin. Despite Bitcoin’s similar surge, SHIB managed to gain 243% against it. Following this high, Shiba Inu went through a consolidation period against Bitcoin, resulting in the formation of a bull flag pattern. A bull flag pattern typically indicates a temporary pause in the market before resuming the upward trend. On April 20, SHIB broke above the bull flag and spiked 13% against Bitcoin. However, Shiba Inu has since been gradually declining and may retest the upper trendline. If this occurs, SHIB could potentially drop to the April 14 lows, but in the long term, it could lead to a resumption of the rally seen in late February. If Shiba Inu successfully retests the trendline, it could reach immediate targets of 0.0000000005217 BTC, equating to $0.000035 if Bitcoin returns to a price of $68,000. Currently, Shiba Inu is trading at $0.00002340, while Bitcoin is trading at $62,135. Although the market is currently in a downtrend, there is still confidence among market commentators in the Shiba Inu community, with some expecting a significant surge in SHIB’s value.