Shiba Inu (SHIB) is currently priced at around $0.00001783, just below a key resistance zone, which means the market is in a good mood. Market analysts are ready to see another possible bull run in the meme cryptocurrency space.
Crypto influencer Davinci Jeremie notes that during the most recent bull run, Dogecoin (DOGE) reached a market cap of $88.8 billion, while SHIB peaked at $40 billion. This rally would bring the market cap of meme coins to a trillion dollars.
Currently, the market capitalization of the meme coin has skyrocketed to $58 billion, which, while still lagging behind other emerging crypto sectors like AI-based tokens and real-world asset cryptocurrencies, is still a significant figure.
On the upside, investors will have a pretty good chance to make significant profits once the coin breaks above the resistance at $0.000028. With the current bullish momentum, it is hoped that the remaining meme coins could also see good performance.
Current Status of Meme Coin
The global reversal trend may have ended and broken out of the previous downtrend but donât rule it out because in late September 2024, SHIB saw a spike as it recorded an all-time high of $0.00002135.
This top has successfully broken through two strong resistance levels, which can only mean good things for this coin and other meme coins. According to technical analysis from PS Trade, there is a high resistance level at $0.00002052, where approximately 83.75 trillion tokens are held at this price.
PS Trade said the global bearish reversal structure is complete even though the price of SHIBUSDT has not increased significantly in the three-day period. For this coin, he said their target is a 100% increase.
It was found that at the end of September, a local double top was formed for two consecutive days above the high created in mid-July. However, the strongest resistance band lies between $0.000018 and $0.000020 as 439.16 trillion tokens are distributed across 45,620 wallets. If the SHIB bullish trend continues, it could test the next major barrier at $0.000028.
Shiba Inu: Technical Indicators and Market Challenges
Large institutional investors have pushed SHIB below $0.000018. As the CMF remains negative at -0.22, this indicates selling pressure from large holders. Meanwhile, the StochRSI has revealed that SHIB has entered an overbought position as its value fluctuates between 71 and 57.
This makes the oscillators and charts start to show signs of short-term volatility and further corrections if selling pressure continues to be significant. However, given the strong bullish setup, further upside is definitely possible. Investors should keep an eye on key resistance levels as well as technical indicators for SHIBâs next moves.