Shiba Inu Soars: Analyst Predicts 71% Rally In ‘Meme Super Cycle’ – Details
22 Oktober 2024 - 3:30PM
NEWSBTC
Rising as one of the best-performing meme coins, Shiba Inu (SHIB)
keeps making headlines in the crypto scene. The meme coin has
jumped by over 30% during the past month, drawing both retail and
analytical interest. Some analysts think SHIB may soon overcome a
major resistance level with a community-driven rally bringing its
market capitalization over $11 billion, therefore enabling even
further gains. Related Reading: ApeCoin Climbs Over 100% On Major
Tech Advancements – Details This thrill is driven mostly by a
prediction from a pseudonymous analyst called FOUR. Fueled by what
he describes as a “hyper meme coin cycle,” FOUR claims Shiba Inu is
poised to hit new peaks. FOUR projects that a break above the
$0.00002169 resistance level could send the price skyrocketing to
$0.00003260, so indicating a possible 71% increase from SHIB, which
is currently trading at $0.00001912. $SHIB is Marching towards
$0.00003260 price very soon than you expect ⚡ Memes super cycle is
just started #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 resistance level of $0.00002169 now
takes front stage. Previously tested during a late September rush,
this pricing point was rejected. But SHIB’s present increasing
momentum has rekindled hope that this barrier will soon be broken.
Analysts contend that if SHIB surpasses this level, it could set
off a quick price rise motivated by ongoing support from its large
population. FOUR’s research fits this perspective. He points to the
recent weekly candle close, implying that SHIB is getting closer to
conquering its present obstacles. Shiba Inu might rapidly
experience a notable increase in value if the resistance is
overcome since the positive momentum has been growing. Retail
Investors Promoting The Rally One may mostly credit Shiba Inu’s
rise on 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 the coin has been
driven by this grassroots support, hence increasing its resilience
to changes in the market. The continuous rally can be attributed to
retail investors believing in SHIB’s future for additional
expansion. This is #SHIB analytics from #Coinmarketcap . The blue
colors are owned by retail with $0-$1K bag holders . Almost 10% of
holders have $1k-$100K bag value and only .20% have 100K and above
SHIB Bag . These belongs to exchange . This is a perfect narrative
why SHIB should be an… 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
more than $100,000. Though rare, this group is important in the
ecosystem and might perhaps include liquidity providers and
exchanges. Related Reading: BONK Jumps 20% As ‘Dog Season’ Starts,
Analyst Says Positive Viewpoint In Spite Of Volatility Though Shiba
Inu has a history of instability, some market analysts see a bright
future for it. The community-driven support of the currency along
with the larger meme coin cycle might drive SHIB higher in the next
coming weeks. FOUR’s estimate of a 71% increase depends on breaking
important barriers. Investors will be closely observing to see if
Shiba Inu can sustain its increasing pace and remove obstacles in
its path. Featured image from Katerina_Brusnika//Getty Images,
chart from TradingView
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