SHIB Price Prediction: Analyst Detects Bull Flag Pattern, Targets $0.000037

Amid the ongoing crypto rally, Shiba Inu has achieved remarkable success. The meme coin is currently the 11th largest cryptocurrency by market capitalisation.

Shiba Inu (SHIB) price analysis reveals a bull flag pattern on the 4-hour chart, suggesting a potential continuation of the uptrend.

Cryptocurrency heatmap shows mixed signals with some altcoins posting gains while others facing losses.

Analyst Ali Martinez identifies bull flag on SHIB 4-hour chart, indicating potential 48% upsurge.

Shiba Inu (SHIB) price analysis reveals a bull flag pattern on the 4-hour chart, suggesting a potential continuation of the uptrend.

After Bitcoin (BTC) price surged to a new all-time high on Monday, several altcoins followed suit, posting impressive gains. However, the cryptocurrency heatmap on Coin360 shows mixed signals, with some altcoins posting gains while others are facing losses.

Shiba Inu (SHIB) price analysis: bull flag spotted

One cryptocurrency that has experienced a notable rally is Shiba Inu (SHIB). The meme coin is up by 60% over the past seven days, outperforming many other altcoins in the top 100 rankings.

A closer examination of the SHIB 4-hour chart reveals a bull flag pattern, which is typically continuation formation that occurs after a sharp price increase.

The bull flag formation begins with a steep price rise, which is also known as the "flagpole." This is followed by a consolidation period or "flag," which is characterised by a downward slope.

The bull flag pattern suggests that the uptrend will continue if prices break out to the upside at the resistance level of the "flag."

Usually, traders measure the length of the "flagpole" and add it to the breakout point to arrive at a price target. In this case, Martinez arrives at a target of $0.000037 for the meme coin.

To achieve this target, the cryptocurrency needs to rise by 48% from current prices. The target is quite ambitious, but it is worth noting that SHIB experienced a 60% rally just two weeks ago.

Shiba Inu price surges 60% in 7 days, market performance

Shiba Inu (SHIB) price increased by 60% from 4 November to 11 November. The meme coin reached a high price of $0.00002921 before a pullback.

The meme coin is currently ranked 11th by CoinGecko, with a market capitalisation of $16.1 billion.

SHIB price faced resistance at the $0.000028 level on 9 November. However, the meme coin price managed to break through this resistance level on 10 November.

Shiba Inu price then pulled back from the highs on 11 November, but the meme coin price quickly recovered and continued to rise.

SHIB price reached a new high of $0.00002768 on 12 November morning before a slight pullback.

The meme coin price is now up by about 32% over the past month. Moreover, SHIB price has also posted an impressive year-to-date (YTD) gain of 133.54%.