ShibaInu(SHIB)isnowpricedatabout$0.00001783,justbelowakeyresistancezonewhichmeansthatthemarketisinagoodmood.Marketanalystsarereadytowitnessanotherpossiblerallyinthememecoinspace.
CryptoinfluencerDavinciJeremienotedthatduringthelastbullcycle,Dogecoin(DOGE)reachedamarketcapof$88.8billion,whileSHIBpeakedat$40billion.Thebullrunwilltakethemarketcapofmemecoinstoatrilliondollars.
Lastcyclewesaw$DOGEcoinhit$88.8billionmarketcap&$SHIBhit$40billion.
Ithinkwe’llseememesasanassetclasshitcloseto$1trillionmarketcapthiscycle
—DavinciJeremie(@Davincij15)October17,2024
Currently,themarketcapitalizationofmemecoinshassurgedto$58billion,althoughstillbehindotherup-and-comingcryptosectorssuchasAI-basedtokensandreal-worldassetcryptos,butstillasolidamountnonetheless.
Onthebullishside,investorswouldhaveaprettygoodchanceofsignificantprofitsuponitsbreakfromresistancelevelsinto$0.000028,withthecurrentmomentumattheirside,thereishopethattherestofthememecoinsmightalsowitnessgoodperformance,too.
TheCurrentStatusOfMemeCoins
ItmighthaveendeditsglobaltrendreversalandgoneoffapriordowntrendbutdonotcountitoutyetsinceduringthelatepartsofSeptember2024,SHIBsawahugespikeasitrecordedanall-timehighat$0.00002135.
Thispeaksuccessfullybroketwostrongresistancelevelswhichcanonlymeangoodforthecoinandothermemecoins.FromthetechnicalanalysisfromPSTrade,thereisahighresistancepointthatisat$0.00002052wherearound83.75trilliontokensarekeptatthispricelevel.
$SHIB
Althoughthepriceof#SHIBUSDTisstillnotrisingveryconfidentlyonthe3-daytimeframe,theglobaldownwardtrendreversalstructureiscomplete.Therefore,ourtargetforthiscryptocurrencyis100%growth.pic.twitter.com/DhOcxx3j1T—PStrade(@PStrade2)October16,2024
PSTradesaidtheglobaldownwardtrendreversalstructureiscompleteevenifthepriceofSHIBUSDTisstillnotincreasingverystronglyonthethree-dayperiod.Forthiscoin,hesaidtheiraimistherefore100%increase.
ItwasfoundthatbytheendofSeptember,adoublelocaltophadbeenformedintwosuccessivedaysaboveitshighmadeinthemiddleofJuly.However,thestrongestresistancebandliesbetween$0.000018and$0.000020since439.16trilliontokensaredispersedacross45,620wallets.IfthebullishtrendofSHIBcontinues,thenitmighttestthenextmajorhurdleat$0.000028.
ShibaInu:TechnicalIndicatorsAndMarketChallenges
Large-positioninstitutionalinvestorspushedSHIBbackbelow$0.000018.AstheCMFisstillnegativeat–0.22,thispresentssellingpressurefromthelargeholders.Meanwhile,theStochRSIhasrevealedthatSHIBwasalreadyenteringintoanoverboughtpositionduetoitsvaluesoscillatingbetween71and57.
Thatmakesitimportantthattheoscillatorsandchartsbegintoshowsignsofshort-termvolatilityandfurthercorrectionsifthesellingpressurecontinues.However,giventhestrongbullishsetup,afurtherrallyisquitepossible.InvestorsneedtokeepaneyeonkeyresistancelevelsaswellastechnicalindicatorsforfurthermovementsinSHIB.
FeaturedimagefromCNBC,chartfromTradingView
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