Shiba Inu (SHIB) is now priced at around $0.00001783, just below a key resistance zone, meaning the market is in a good mood. Market analysts are ready to witness another possible recovery in the meme coin space.
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Crypto influencer Davinci Jeremie noted that during the last bull cycle, Dogecoin (DOGE) reached a market cap of $88.8 billion, while SHIB peaked at $40 billion. The bull run will take the market value of meme coins to a trillion dollars.
Last cycle we saw $DOGE currency reached a market value of US$88.8 billion and $SHIB reached US$40 billion.
I think we’ll see the memes when an asset class hits nearly $1 trillion in market cap this cycle
-Davinci Jeremie (@Davincij15) October 17, 2024
Currently, the market capitalization of meme coins has increased to $58 billion, although it still lags behind other emerging crypto sectors such as AI-based tokens and real-world asset cryptocurrencies, but it is still a solid amount.
On the bullish side, investors would have a good chance of significant profits after breaking the resistance levels to $0.000028, with the current momentum on their side, there is hope that the rest of the meme coins could also witness good performance .
The Current Status of Meme Coins
It may have ended its global trend reversal and exited a previous downtrend, but don’t count it out yet as during late September 2024, SHIB saw a huge increase as it recorded an all-time high of $0.00002135.
This spike successfully broke two strong resistance levels, which can only mean good for the coin and other meme coins. From PS Trade’s technical analysis, there is a high resistance point which is at $0.00002052 where around 83.75 trillion tokens are held at this price level.
$SHIB
Although the price of #SHIBUSDT is still not rising very confidently in the 3-day period, the overall downward trend reversal structure is complete. Therefore, our target for this cryptocurrency is 100% growth. pic.twitter.com/DhOcxx3j1T– PS Trade (@ PStrade2) October 16, 2024
PS Trade said that the global downward trend reversal structure is complete, even though the price of SHIBUSDT is still not rising very strongly in the three-day period. For this coin, he said the objective is therefore a 100% increase.
It was found that by the end of September, a local double top had formed on two consecutive days above the maximum reached in mid-July. However, the strongest resistance range is between $0.000018 and $0.000020 as 439.16 trillion tokens are spread across 45,620 wallets. If SHIB’s uptrend continues, it could test the next major hurdle at $0.000028.
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Shiba Inu: technical indicators and market challenges
Large institutional investors pushed SHIB below $0.000018. As the CMF is still negative at –0.22, this represents selling pressure from large holders. Meanwhile, StochRSI revealed that SHIB was already entering an overbought position due to its values fluctuating between 71 and 57.
This makes it important that oscillators and charts begin to show signs of short-term volatility and further corrections if selling pressure continues. However, given the strong bullish setup, a further recovery is quite possible. 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