Shiba Inu, a popular cryptocurrency, is poised for a significant price increase according to technical analyst Michael. Despite current market struggles, Shiba Inu's breakout from a bull flag formation could lead to a target price of $0.0001011, a 398% increase from its current value.

Shiba Inu's price has been declining since June 6, largely due to Bitcoin's downturn, but a closer look reveals a sustained downward trend since March 5. However, this trend has formed a bull flag, indicating a potential pause in the uptrend. To resume its upward momentum, Shiba Inu must break above the downward channel.

Michael's analysis, based on Elliott Wave structures, suggests that Shiba Inu is currently in the fourth wave of a five-wave pattern, typically characterized by market declines. However, he expects the fifth wave to begin with a breakout from the downward channel, leading to a significant price increase.

While Shiba Inu struggles to retain the $0.00002 psychological support, a push below this level could make it harder to reach the $0.00003 level when the market rebounds. However, renewed interest over the weekend and a rising Accumulation/Distribution metric suggest potential for higher price appreciation. With a current RSI of 34.89, Shiba Inu has room for significant growth.

In conclusion, Shiba Inu's breakout from the bull flag formation could lead to a significant price surge, with a target price of $0.0001011. While current market conditions are challenging, technical analysis suggests potential for a strong upward movement in the near future.