Emerging as one of the best performing meme coins, Shiba Inu (SHIB) continues to make headlines in the crypto scene. The meme coin has surged more than 30% over the past month, attracting the attention of both retailers and analysts. Some analysts believe that SHIB could soon break through major resistance with a community-driven rally that could push the coinâs market cap above $11 billion, setting the stage for further gains.
This excitement is largely driven by a prediction from an anonymous analyst known as FOUR. Fueled by what he describes as a âsuper meme coin cycle,â FOUR claims that Shiba Inu is about to reach a new high. FOUR predicts that breaking through the $0.00002169 resistance level could send the price soaring to $0.00003260, thus representing a 71% upside potential for SHIB, which is currently trading at $0.00001912.
Shiba Inu: Major Resistance at $0.00002169
For traders and experts, the resistance level of $0.00002169 is currently a key level. This price level was previously tested during the rally in late September but was rejected. But the current bullish momentum of SHIB has raised hopes that this barrier will be broken soon. Analysts believe that if SHIB breaks through this level, the price could rise rapidly due to the continued support from the large population.
FOUR Research is in line with this view. He points to the recent weekly candle close, implying that SHIB is getting closer to conquering the current resistance. Shiba Inu could quickly experience a significant increase in value if it overcomes resistance as positive momentum is building.
Retail investors fuel the rally
One can largely attribute the rise of Shiba Inu to the retail investor level. Data from CoinMarketCap shows that nearly 90% of SHIB holders are small investors holding anything from $0 to $1,000.
The popularity of this coin is fueled by the support of this community, thus increasing its resilience to market changes. The continuous price increase can be attributed to retail investors believing in the further expansion of SHIB in the future.
However, it is interesting to note that nearly a quarter of meme coin holders have assets worth more than $100,000. While rare, this group is important in the ecosystem and can include liquidity providers and exchanges.
Despite Shiba Inuâs volatile history, some market analysts see a bright future for it. Community support for the coin coupled with a larger meme coin cycle could push SHIB higher in the coming weeks. FOURâs estimate of a 71% rally hinges on breaking key barriers.
Investors will be watching closely to see if Shiba Inu can maintain its growth rate and remove obstacles in its path.
