Shiba Inu (SHIB), a popular cryptocurrency, is currently experiencing a significant downturn in the market. However, a notable technical analyst, Michael, predicts a potential breakout from its multi-month bull flag, which could lead to a price target of $0.0001011. This projection comes as SHIB struggles to regain lost ground amid a broader market collapse.

According to Michael's analysis, Shiba Inu has been forming a bull flag pattern on its chart, indicating a pause in its uptrend. The flag's pole was formed when SHIB spiked 370% to $0.000045 in March, while the flag itself has been consolidating during the ongoing downtrend. To resume its uptrend, Shiba Inu must break above the downward channel formed by the market turbulence.

Michael expects this breakout to occur soon, based on his analysis of SHIB's Elliott Wave pattern. He believes that SHIB is currently in the fourth wave of a typical five-wave Elliott Wave structure, which usually features market declines. However, he anticipates the fifth wave to begin with a breakout from the downward channel over the next few weeks, targeting a price of $0.00010114. This would represent a 398% increase from SHIB's current value of $0.00002028.

Despite the current downtrend, Shiba Inu has witnessed a renewal of interest, with its Accumulation/Distribution metric recovering from 12.67 trillion to 14.16 trillion SHIB on Sunday. Additionally, SHIB's RSI, currently sitting at 34.89, suggests room for higher price appreciation.

While the predictions seem promising, it's essential to remember that the cryptocurrency market is highly volatile, and prices can fluctuate rapidly. Investors and traders must conduct thorough research and consider multiple perspectives before making any investment decisions.