A bull flag pattern has been spotted on Shiba Inu charts, raising expectations it could approach $0.00001 in the short term.

On Sept. 1, blockchain outlet U.Today reported that Shiba Inu has recently shown a typical “bull flag” move, marked by a mild pullback after a sharp rise.

Crypto trader SHIB Knight (시브 나이트) said Shiba Inu is forming a bull flag and could delete a zero from its price within days. The expression refers to a price level with one fewer zero after the decimal point, meaning a possible move into $0.00001.

The crypto market has entered a pause after last week’s short squeeze. Over the past 24 hours, major cryptocurrencies generally maintained an upward trend. Open interest held at about $137.42 billion, while trading volume fell about 14 percent. That suggests investors are waiting for the next directional signal without actively betting on either the long or short side.

Shiba Inu fell to $0.00000488 on Aug. 30, then rebounded to halt a three-day decline. It rose for a second day and climbed as high as $0.00000523 intraday. It is now trying to break above the daily 200-day moving average at $0.00000537.

If Shiba Inu breaks through this area, the next resistance levels are seen at $0.00000553 and $0.00000575, followed by $0.00000623. If it clears those levels in sequence, $0.00001017 would come into view. That would remove one zero after the decimal point on Shiba Inu’s price quote.

A return of the kimchi premium to positive territory was also cited as a bullish market signal. On-chain analytics firm CryptoQuant noted that the kimchi premium, after posting negatives for the longest period on record, has recently started turning positive. That suggests interest in the crypto market among South Korean investors is growing again.

Against that backdrop, Shiba Inu’s near-term focus is clear. The next move is expected to hinge on whether the rebound extends beyond a chart pattern into a break above the 200-day line, and whether improving investor sentiment, including in the South Korean market, translates into a broader pickup in buying.

$SHIB is making Bull Flag. Good chance to delete a zero in the coming days. pic.twitter.com/9iihVQZhVs