Amid the ongoing crypto rally, Shiba Inu has achieved remarkable success. The meme coin is currently the 11th largest cryptocurrency by market capitalisation. Despite this, it often enters the top 10 due to its price movements. Moreover, an experienced crypto analyst detected a bull flag on the SHIB chart. In this context, the analyst expects an explosive move from SHIB.
Analyst: Up to $0.000037 bullish for SHIB on the cards!
Bitcoin continues to reach consecutive all-time highs (ATHs). This move came after the victory of Donald Trump, who adopted a crypto-friendly approach. According to analysts, Shiba Inu is also among the altcoins that will run well in the bull market. In addition to these fundamental catalysts, the technical analysis side is also very promising. Because a bull chart pattern shows that it is suitable for a breakout.
Experienced crypto analyst Ali Martinez detected a bull flag pattern on the SHIB chart. Bull flags appear after the initial rise in price, which resembles a flagpole. It is also followed by a consolidation period or flag with a downward slope. This pattern indicates the continuation of the bull trend. Thus, the uptrend continues when prices break through the resistance level at the ‘flag’. Typically, trades take the length of the ‘flagpole’. It also adds this to the breakout point to get a price target. Martinez is doing just that to achieve a target of $0.000037 for the meme coin.
To achieve this goal, the cryptocurrency needs to rise 48% from current prices. The target is quite ambitious. However, it should not be forgotten that SHIB experienced a 60% rally just two weeks ago. In addition, the analyst noted in an earlier X post on 20 November that 1.67 trillion SHIBs were withdrawn in a 24-hour period. He also noted that the last time this happened, the meme coin price experienced a 62% increase in a short time.
Shiba Inu’s market performance and position in the meme coin sector
As you follow from Kriptokoin.com, the leading crypto Bitcoin is not saturated with records. This adds strength to the positive mood in the market. The popular meme coin Shiba Inu (SHIB) increased by 60% from 4 November to 11 November. The meme coin reached a high price of $0.00002921 before a pullback. Monthly returns for SHIB are currently about 32%. It has also posted an impressive year-to-date (YTD) gain of 133.54%.
SHIB is one of the most recognisable meme coin projects. Moreover, it has moved away from its meme coin origins since its inception. Currently, its ecosystem includes decentralised finance (DeFi) applications, a stablecoin in development, a layer-2 scaling solution on Shibairum , an ongoing high burn rate, and numerous partnerships that provide real-world benefits.
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