Traders have noticed a pattern on Shiba Inu's chart that presents the potential for its price to remove a zero in the coming days.
The pattern in this context is a bull flag, which forms after a strong upward move, followed by a period of consolidation that moves lower. The bull flag is generally seen by traders as a possible continuation setup, especially if the price breaks higher through the upper boundary of the flag with strong volume.
"$SHIB is making Bull Flag," said crypto trader $SHIB Knight. "Good chance to delete a zero in the coming days."
The price 'deleting a zero' refers to a removal of a zero after the decimal point, potentially reaching $0.00001. At the time of writing, $SHIB was up 3.35% in the last 24 hours to $0.000005162 and down 4.25% weekly.
The market is currently consolidating following a short squeeze that drove prices up in the past week. The period of calm has not, however, diminished crypto's relative strength, with most crypto assets in the green in the last 24 hours.
Open interest (OI) in the crypto market has held steady near $137.42 billion, while volume has dropped nearly 14%, suggesting traders are adding neither long nor short bets and are instead waiting for a clearer directional cue.
$SHIB to $0.00001?
Shiba Inu reversed a three-day drop from a low of $0.00000488 on August 30, marking its second day of gains. The recent increase had reached an intraday high of $0.00000523 at press time, now eyeing the daily MA 200 barrier currently at $0.00000537.
A break above the daily MA 200 will target $0.00000553 and $0.00000575 ahead of $0.00000623. A decisive break above these levels will target $0.00001017, removing a zero from Shiba Inu's price tag.
Meanwhile, a potentially bullish signal has emerged in the market with the Korean premium turning positive, suggesting that Korean investors are returning to the crypto market.
According to CryptoQuant, the Korea premium had posted a negative premium for the longest period in its history and has recently begun to turn positive. This indicates that Korean market investors are starting to increase their interest in the crypto market.
