SHIB bull flag could trigger 48% price explosion 
Cryptocurrency Nov 21, 2024 Share
In the midst of the ongoing crypto rally, Shiba Inu (SHIB) has been a noted success. The meme coin is currently the 11th largest cryptocurrency by market cap, although it often breaks into the top 10 on account of price action.
At press time, one SHIB was worth $0.00002413. From November 4 to November 11, the token often incorrectly referred to as ‘Shiba Inu coin’ saw a 60% surge, hitting prices as high as $0.00002921 before experiencing a pullback. Monthly returns currently stand at 32.10%, while year-to-date (YTD) gains are at an impressive 133.54%.
SHIB price YTD chart. Source: Finbold
SHIB is one of the most publicized and best-known meme coins — but since its inception, it has evolved away from its joke origin. Presently, its ecosystem features decentralized finance (DeFi) applications, a stablecoin in development, a layer-2 scaling solution in Shibairum, ongoing high burn rate, and numerous partnerships that provide real-world utility.
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With Bitcoin (BTC) reaching new all-time highs (ATHs) as President-elect Trump is taking a crypto-friendly approach while institutional adoption is soaring, Shiba Inu is among the best-positioned altcoins to benefit from a renewed bull market.
Apart from these fundamental catalysts, the technical analysis side of things is looking quite promising as well — as a bullish chart pattern suggests that it could be due for a breakout.
Breakout could see SHIB price reach as high as $0.000037
From November 11, SHIB entered into a bullish flag chart pattern, as noted by renowned crypto analyst Ali Martinez in a November 21 X post. Bullish flags occur after an initial upswing in price, which resembles a flagpole, and are followed by a downward-sloping consolidation period or flag.
The pattern indicates the continuation of a bullish trend — once prices breach the level of resistance seen in the ‘flag’, the uptrend continues. Typically, trades take the length of the ‘flagpole’ and add it to the breakout point to get a price target — Martinez did just that to arrive at a take profit target of $0.000037
SHIB bull flag chart pattern. Source: Ali Martinez
For that mark to be reached, the cryptocurrency has to rally by 48% from current prices. While the target is ambitious, readers should remember that a 60% rally happened just two weeks ago.
In addition, the technical and on-chain analyst noted that 1.67 trillion SHIB was withdrawn in a 24 hour period in an earlier X post on November 20, adding that the last time this happened, the token experienced a 62% surge in short order.
Featured image via Shutterstock