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Shiba Inu (SHIB) price is now around $0.00001783, just below a major resistance area which means the market is in a good mood. Market analysts are ready to watch another potential surge in the meme space.
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Cryptocurrency influencer DaVinci Jeremy noted that during the last bull cycle, Dogecoin (DOGE) reached a market cap of $88.8 billion, while SHIB peaked at $40 billion. The rally will push the market cap of meme coins to $1 trillion.
The last session we watched $dawg The coin has reached a market cap of $88.8 billion $SHIB Hit $40 billion.
I think we’ll see memes as the asset class reaches nearly $1 trillion in market capitalization this cycle
– Davinci Jeremy (@Davincij15) October 17, 2024
Currently, the market capitalization of meme coins has risen to $58 billion, although it still lags behind other rising crypto sectors such as AI-based tokens and real-world asset cryptocurrencies, but it is still a strong amount nonetheless.
On the upside, investors will have a very good chance of making big profits when it breaks out from the resistance levels to $0.000028, and with the current momentum on their side, there is hope that the rest of the meme coins will also see a good performance as well.
Current status of meme coins
It may have completed its global trend reversal and broken out of a previous downtrend but is not yet counting since late September 2024, Gray It saw a significant rise as it hit an all-time high of $0.00002135.
This peak has managed to break two strong levels of resistance, which can only mean good for the coin and other meme currencies. From technical analysis from PS Trade, there is a high resistance point at $0.00002052 where around 83.75 trillion tokens are held at this price level.
$SHIB
Although the price #ShipUSDT The price is still not rising very confidently on the 3-day time frame, and the global downtrend reversal structure has been completed. Therefore, our goal for this cryptocurrency is 100% growth. pic.twitter.com/DhOcxx3j1T— PS Trade (@PStrade2) October 16, 2024
PS Trade said that the global downtrend reversal structure has been completed even if SHIBUSDT price still does not rise very strongly during the three-day period. For this coin, he said their goal is a 100% increase.
It was found that by the end of September, a local double peak had been formed on two consecutive days higher than the peak achieved in mid-July. However, the strongest resistance band is between $0.000018 and $0.000020 where 439.16 trillion tokens are distributed across 45,620 wallets. If SHIB’s uptrend continues, it may test the next major hurdle at $0.000028.
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Shiba Inu: technical indicators and market challenges
Institutional investors with large positions pushed SHIB below $0.000018. Since the CMF is still negative at -0.22, this represents selling pressure from large holders. Meanwhile, the StochRSI revealed that SHIB was already entering an overbought mode due to its values fluctuating between 71 and 57.
This makes it important that oscillators and charts start showing signs of short-term volatility and further corrections if selling pressure continues. However, given the strong bullish setup, further upside is very likely. Investors need to keep an eye on key resistance levels as well as technical indicators for further moves in SHIB.
Featured image from CNBC, chart from TradingView
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