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Shiba Inu currently trends within a bull flag pattern, and its breakout may not only ensure its rally but also drive a broader meme coin upsurge.
A market analyst, “Mark.eth,” shared in a July 29 post that Shiba Inu looks bullish on the weekly timeframe despite recent price retracement. He identified that the second-largest meme coin by market cap currently trends within a bull flag, and a breakout would spur a massive price surge.
Notably, this bullish commentary comes despite a consolidatory price movement by Shiba Inu in the past two weeks. For context, SHIB rallied to a high of $0.00001597 last week but has retraced 18% from the high to its current price of $0.00001305.
For context, an accompanying chart shows that the May 12 high of $0.00001765 saw Shiba Inu touch the upper resistance line. However, it could hold the massive downward pressure from the supply wall, ensuring a rejection.
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.
Interestingly, he is not alone in this price outlook. A TradingView analysis from BITfinity also predicts a rally to $0.0001, referencing a three-year symmetrical triangle breakout as a catalyst. Illagodzilla also forecasted a SHIB uptick to $0.00017, citing a double bottom formation.