Shiba Inu has taken some of Dogecoin’s thunder as a big player in the meme coin space. On January 27, it developed a characteristic pattern that ignited SHIB price predictions of an upcoming big rally for SHIB and the whole meme coin market. This situation comes after an -18.5% correction that leaves this technical formation primed for a move higher. According to these analysts, Shiba Inu’s impact may be enough to catalyze a rally throughout the entire meme coin market.
During the last seven months, Shiba Inu has been in a descending flag formation, defined by making lower highs and lower lows. This pattern, known as a bull flag, indicates a future bullish breakout. Mark.eth, a crypto analyst and influencer, pointed out the formation, going so far as to say that it could serve as a catalyst for meme coins overall.
Shiba Inu’s incredible dominance for a meme coin cannot be overstated. With a market cap of more than 10% of the total meme coin space, its movements usually create shockwaves across the entire sector. As a result, this latest bull flag formation has attracted a lot of investor and analyst attention.
Image via Shib Spain Accordingly to this Shiba Inu community influencer, the SHIB token might be able to bounce back from the $0.000012 support. Most think that the bull flag pattern creates the indication for a massive surge in price. If that breakout occurs, this expectation would be easily exceeded.
Experts warn that if SHIB breaks out from this bulls flag, a big bullish rally would be confirmed for Shiba Inu. Considering its strong follow-on effect, this rally might spread beyond itself to other meme coins, even lifting the whole space back up on its feet. Yet, like all cryptocurrency investments, approaching with caution and doing your research is highly recommended.
