Despite recent price retracement, Shiba Inu (SHIB) appears to be setting up for a massive move. According to leading analysts, the meme coin is forming a bullish seven-month bull flag on the weekly timeframe. If it breaks out, SHIB may not only rally sharply but also trigger a broader meme coin rally across the market.
Crypto analyst Mark.eth brought renewed attention to this technical setup in a July 29 post, emphasizing that Shiba Inu still looks structurally bullish, even after its recent pullback. SHIB has dropped 18% from its recent high of $0.00001597, trading at $0.00001305 at the time of writing. Still, analysts believe that the consolidation phase has only strengthened the technical pattern.
SHIB Consolidates Within Seven-Month Bull Flag Pattern
The bullish flag structure began forming in late January 2025, following an 18.5% correction that kick-started the pattern. Since then, SHIB has trended downward within the flag, consistently creating lower highs and lower lows, all while staying within the broader bullish formation.
According to the chart shared by Mark.eth, SHIB has made two attempts to break above the resistance trendline. The first breakout attempt occurred in May, when SHIB climbed to $0.00001765, only to face sharp rejection due to selling pressure at the upper boundary. A similar scenario unfolded last week as SHIB touched $0.00001597 before falling back into the flag.
Despite these rejections, the technical setup remains intact. Consolidation within a bull flag generally precedes a strong continuation of the previous trend, upward in SHIB’s case.
Analysts Set Targets as SHIB Approaches Key Support Zone
While the price has pulled back, analysts see this as an opportunity rather than a failure. Notably, Shib Spain added fuel to the bullish narrative by setting a target price of $0.0001. In a recent tweet, the analyst predicted that SHIB is preparing for a huge pump, citing a likely bounce from a major support zone around $0.0000120 on the 4-hour chart.
If SHIB rebounds and reaches that target, it would represent a 666% increase from current levels, placing it above its previous all-time high of $0.0000885.
This $0.0000120 support level has historically acted as a cushion during market downturns, and analysts now expect a strong rebound from this zone to serve as the catalyst for SHIB’s next major leg up.
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Additional Analysts Support the Bullish Case
Shib Spain isn’t the only one expecting a breakout. A recent TradingView analysis by BITfinity also forecasts a rally to $0.0001, citing a three-year symmetrical triangle breakout as the driving force.
Furthermore, analyst Illagodzilla pointed to a double-bottom reversal pattern, projecting an even higher target of $0.00017 if bullish momentum sustains.
This growing consensus among analysts, paired with long-term consolidation and historic support levels, paints a strong case for SHIB’s continued upward momentum.
Shiba Inu’s current technical setup suggests it could soon lead to another major meme coin rally. The bull flag formation on the weekly chart, reinforced by long-term support and bullish analyst consensus, creates the ideal foundation for a breakout.
If SHIB can break above its flag resistance and reclaim recent highs, it may not only push toward $0.0001 but also retest and possibly surpass its all-time high.
