Shiba Inu Bull Flag Breakout: Meme Coin Primed for Explosive Rally, Says Top Analyst
The meme coin space is heating up as Shiba Inu (SHIB) shows textbook bullish signals. A prominent crypto analyst flags the emerging bull flag pattern—a technical setup that often precedes massive upside moves.
Why this matters: Meme coins live and die by trader sentiment, and SHIB’s chart is flashing green. The breakout could trigger a domino effect across speculative crypto assets.
Behind the hype: Bull flags form after sharp rallies, followed by consolidation. The tighter the pattern, the stronger the potential breakout. SHIB’s current setup mirrors its 2021 parabolic run—back when it turned ‘doge killer’ into a self-fulfilling prophecy.
Risks remain: Like all meme coins, SHIB trades on vibes rather than fundamentals. One whale dump or Elon Musk tweet could deflate the rally faster than a decentralized stablecoin.
Shiba Inu Bull Flag/Mark.eth
Its recent attempt, spurred by a broader market bullish trend, saw it revisit the resistance but faced a similar outcome as in May. Nonetheless, analyst Mark.eth foresees an eventual breakout and a subsequent “mega bullish” drive to higher prices.
While he did not provide a timeline, he mentioned that the breakout momentum from Shiba Inu would spill over to the broader meme coin market, potentially sparking a meme frenzy. With a market cap of $7.7 billion, which is about 10.7% of the total meme coin market cap, Shiba Inu’s price action could undoubtedly impact the mood of the sector.
A Huge Pump Is Coming for Shiba Inu
Meanwhile, Shib Spain agrees with the bullish outlook for Shiba Inu but affixed a price target to his Tuesday analysis. In the tweet, he predicted that a huge pump is on the horizon for SHIB, potentially targeting $0.0001.
Notably, this parabolic development represents a 666% surge for Shiba Inu, pushing prices above its current all-time high of $0.0000885. He cited a price rebound from a major support area as a possible catalyst for the price rally.
For context, Shiba Inu is approaching a key support area around $0.0000120 on the 4H timeframe amid a broader market downtrend. With the area previously cushioning prices, the market watcher expects SHIB to rebound from the area to his $0.00010 target.
