Shiba Inu (SHIB) Primed for Renewed Bull Run As It Enters Bullish Flag Chart Pattern, Price Target Set at $0.000037

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

Shiba Inu (SHIB) has seen another week of strong price action, with the meme coin continuing to trade in the top 11 by market capitalization, though it frequently breaks into the top 10 thanks to price action.

At press time, SHIB was trading hands at a price of $0.00002413. From November 4 to 11, the token — often inaccurately referred to as ‘Shiba Inu coin’ — saw a 60% surge, hitting prices as high as $0.00002921 before experiencing a pullback. Monthly returns are currently at 32.10%, while year-to-date (YTD) gains stand at an impressive 133.54%.

Despite being one of the most well known and covered meme coins, SHIB has largely evolved away from its joke origins, with its ecosystem now featuring decentralized finance (DeFi) applications, a stablecoin in development, a layer-2 scaling solution in Shibairum, an ongoing high burn rate and several partnerships that provide real-world utility.

With Bitcoin (BTC) hitting new all-time highs (ATHs), President-elect Trump taking a crypto-friendly approach and institutional adoption surging, Shiba Inu is among the best-positioned altcoins to benefit from a renewed bull market.

But technical analysis is also looking promising, with one bullish chart pattern suggesting that a breakout is next.

Breakout could see SHIB price reach as high as $0.000037

As noted by renowned crypto analyst Ali Martinez in a November 21 X post, SHIB has formed a bullish flag chart pattern since November 11. 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, traders 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

For that mark to be reached, the cryptocurrency would need to rally by 48% from current prices. While the target is ambitious, it’s worth noting that a 60% rally occurred just two weeks ago.

Additionally, the technical and on-chain analyst noted that 1.67 trillion SHIB was withdrawn in a 24 hour period in an earlier X post on November 20, adding that the last time this happened, the token experienced a 62% surge in short order.