This may be the lifeboat for Shiba Inu short sellers being forced to liquidate

ambcrypto.com:

Sharing is caring. SHIB, at the time of writing, didn’t share the market sentiment though. While most altcoins were bleeding, Shiba Inu held its head high with a 4.39% hike over the last seven days.

Worth noting here that the meme coin saw its price grow by more than 300% within a month of its launch. This marked a trading fury reminiscent of Dogecoin in early 2021. Originally starting out as a fun token, the digital currency grabbed mainstream attention mainly due to its low barrier of entry.

Also, it is important to note that due to its impressive price trajectory, investors started allocating a percentage of their portfolio to SHIB. In fact, a survey by Statista revealed that most consumers in the U.S and the U.K invest in crypto either for growth or fun. And, Shiba Inu is probably seen by many as a relatively simple, “quick win” investment.

Undoubtedly, the token benefitted traders to an unexpected degree – It was up by 365.6k% in a year.

Keeping aside SHIB’s success, the important question is – What’s on the card for traders? Well, a short profit-making opportunity, to be precise. Interestingly, we can find a contained consolidation in the form of a down channel in the chart attached below. That’s essentially a bull flag.

For SHIB to break past its two-month-long resistance, it will have to reconfirm its near-term resistance at $0.00003505 as support and then move to the upside. In that case, traders can choose to go long at the current price range.

Notably, the meme coin saw sellers dominating its market in the first week of February. However, post 7 February, demand kicked in to facilitate a short rally. Any move south would see bulls providing months-long support at $0.00001989. Curiously, the RSI stood at the 48-mark,