Crypto Analyst Predicts SHIB Rally

A crypto analyst, Mark.eth, has identified a bull flag pattern on SHIB’s weekly chart, suggesting a potential breakout could lead to a significant bullish rally in meme coins.

The pattern began on January 27, following an 18.5% correction, and has persisted for 7 months, with SHIB forming lower highs and lows.

Recently, SHIB peaked at $0.00001597 before dropping 18% to $0.00001305, encountering resistance at the flag line similarly to the May 12 peak of $0.00001765, which also faced rejection.

Mark.eth noted that a SHIB breakout would likely benefit the broader meme coin market due to its significant market cap share exceeding 10%.

Other analysts agree; Shib Spain predicts a rebound from the $0.000012 support could propel SHIB towards $0.0001, suggesting a 666% rise. Others forecast a rise to $0.00017 influenced by a double bottom, while BITfinity expects a breakout to $0.0001 based on a three-year triangle pattern.

Given SHIB’s role as a market influencer, its price trajectory is closely monitored, and a surge could reignite retail interest in meme coins, which have recently cooled.

Meme Coin Market Growth in July

The meme coin market surged in July, with a 30% increase in market capitalization, growing from about $55 billion to approximately $72 billion, reaching a peak of $83.5 billion.

While Dogecoin and Shiba Inu lead the market, new contenders like Little Pepe (LILPEPE), an Ethereum-compatible token, completed a Stage 7 presale quickly, raising over $13.7 million. Analysts anticipate returns could range from 20 to 312 times based on infrastructure development.

Meme coins are still largely sentiment-driven, frequently detached from fundamental values, relying on viral culture, influencer backing, and community narratives.

However, should the SHIB forecasts materialize, a meme coin frenzy may soon follow.

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