Shiba Inu, renowned for its status as a meme coin, has recently encountered a notable decline, plummeting more than 41% from its recent peak. Despite this downturn, a detailed examination of its daily chart reveals a promising bullish flag continuation pattern, hinting at a possible recovery. Such patterns typically emerge within established uptrends, offering a chance for buyers to regain momentum and drive prices higher.

According to insights from crypto analytics firm Santiment, Shiba Inu is presently undervalued, presenting an appealing prospect for potential investors. The MVRV Z-Score, which gauges the relationship between market value and realized value, indicates that Shiba Inu is positioned for a price upswing. This contrasts with other major cryptocurrencies like Toncoin, Bitcoin, and Ethereum, which are viewed as overvalued in comparison.

The bullish flag formation suggests that Shiba Inu's price could potentially appreciate by 28-30% before encountering significant resistance. Initial targets stand at around $0.00003, with further aspirations aiming for $0.000045, contingent upon sustained buying pressure and a confirmed breakout from the flag pattern.

Supporting the bullish sentiment are technical indicators such as the 20-day Exponential Moving Average (EMA) and the Average Directional Index (ADX). The ADX slope indicates a waning bearish momentum, while the EMAs suggest that supply pressure is concentrated around the $0.0000183 mark.

In summary, while Shiba Inu has recently experienced a corrective phase, the emergence of a bullish flag pattern suggests a potential turnaround. With favorable valuation metrics and supportive technical signals, investors are advised to monitor Shiba Inu closely. A breakout from the flag pattern could signal a renewed uptrend, presenting an enticing opportunity in the cryptocurrency market landscape.