Rising as one of the best-performing meme coins, Shiba Inu (SHIB) continues to make headlines on the crypto scene. The meme coin has jumped more than 30% Over the past month, it has attracted interest from both retail and analytics. Some analysts think that SHIB could soon overcome a major resistance level with a community-driven rally, taking its market capitalization to over $11 billion, thus enabling even greater gains.
This excitement is mainly driven by a prediction from a pseudonymous analyst called FOUR. Fueled by what he describes as a “hypermeme currency cycle,” FOUR claims Shiba Inu is poised to reach new highs. FOUR projects that a break above the $0.00002169 resistance level could see the price spike towards $0.00003260, thus indicating a possible 71% upside against SHIB, which is currently trading at $0 ,00001912.
$SHIB is marching towards the $0.00003260 price much sooner than you expect
The meme super cycle has just begun #Shib #MemeSeason #MemeSupercycle pic.twitter.com/8QXXiE7odd
— FOUR | Crypto spaces (@X_Four_iv) October 19, 2024
Shiba Inu: Major resistance level at $0.00002169
For traders and experts, the $0.00002169 resistance level is now in the spotlight. Previously tested during a late September run, this price was rejected. But SHIB’s current growing momentum has rekindled hope that this barrier will be broken soon. Analysts say that if SHIB surpasses this level, it could trigger a rapid price increase driven by continued support from its large population.
FOUR’s research fits into this perspective. He points to the recent weekly candle close, which implies that SHIB is getting closer to overcoming its current hurdles. Shiba Inu could quickly experience a notable increase in value if resistance is overcome, as positive momentum has been growing.
Retail Investors Fueling the Rally
It can mainly be credited for the rise of Shiba Inu at the retail investor level. Data from CoinMarketCap shows that almost 90% of SHIB holders are small investors holding between $0 and $1,000. The coin’s popularity was boosted by this popular support, thus increasing its resilience to market changes. The continued recovery can be attributed to retail investors who believe in SHIB’s future for further expansion.
That’s it #SHIB analysis of #Coinmarketcap . Blue colors are owned by retailers with bags ranging from $0 to $1,000. Almost 10% of holders have a purse value of $1,000 to $100,000 and only 0.20% have a SHIB purse of 100,000 or more. These belong to the exchange. This is a perfect narrative because SHIB should be a… pic.twitter.com/i7x8D49tUn
– Lola (@CryptoLollla) October 20, 2024
Still, it’s interesting to note that nearly a quarter of the meme coin’s holders had assets valued at more than $100,000. Although rare, this group is important in the ecosystem and could perhaps include liquidity providers and exchanges.
Positive outlook despite volatility
Although Shiba Inu has a history of instability, some market analysts see a bright future for it. Community-driven support for the coin, coupled with the larger meme coin cycle, could lift SHIB in the coming weeks. FOUR’s estimate of a 71% increase depends on breaking important barriers.
Investors will be watching closely to see if Shiba Inu can sustain its growing momentum and remove obstacles in its path.
Featured image by Katerina_Brusnika // Getty Images, chart from TradingView