The Next Potential Direction for SHIB

The cryptocurrency sector witnessed a substantial pullback in the past 24 hours, with its global market capitalization plummeting by over $100 billion. Bitcoin (BTC), which traded above $72,500 on October 31, is now worth approximately $69,000, whereas Ethereum (ETH) dipped below $2.5K.

The popular meme coin Shiba Inu (SHIB) is also among the biggest losers. Its price fell by 7% on a daily scale, while its market cap tumbled back to $10 billion.

The current situation in the meme coin realm is not looking great, with Dogecoin (DOGE), dogwifhat (WIF), and many others crashing by double digits. This negative trend might result in further downward pressure on SHIB’s price in the short term.

90% Rally Incoming?

One industry participant focusing on SHIB’s future movements is the X user Clifton Fx. The analyst noted the emergence of a “bullish flag formation” on the asset’s three-day price chart, speculating that the valuation could skyrocket by nearly 90% if it reclaims $0.00001884.