The latest catalyst propelling Shiba Inu (SHIB)’s to new ATH is its announcement of entering into the Metaverse. On June 6, the Shiba Inu Metaverse division unveiled its impending release of the long-awaited Rocket Pond trailer. As an integral part of Shiba’s virtual cosmos, the reveal of this trailer is set to further impress Shiba community with a peek into the Metaverse adventure.

However, so far SHIB gave back Tuesday’s gains despite the crypto sector soared alongside Bitcoin, which was hit hard initially on the news of a lawsuit of SEC against Binance.US. The cryptocurrency could enter a bear flag pattern that is starting to form on the daily chart.

If a bear flag is spotted, the measured movement is around 10%, indicating that the cryptocurrency could drop to $0.0000740. If that happens, the Shiba could hit a new 52-week low before entering its new fundamentally bullish cycle. Bullish traders are hoping for Shiba Inu to continue trading sideways before heavy bullish volume arrives, pushing the cryptocurrency above the 8-day exponential moving average, which would break the bear flag. Alternatively, if the Shiba Inu falls to the $0.00000774 level and recovers, a double bottom pattern will form, which could be positive for future price action. Currently, Shiba Inu unveils resistance at the top at $0.00000795 and support at the bottom at $0.00000738.