Shiba Inu (SHIB) Priced at $0.00001783, Market Analysts Ready to Witness Another Possible Rally in the Meme Coin Space

Shiba Inu (SHIB) is now priced at about $0.00001783, just below a key resistance zone which means that the market is in a good mood.

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Shiba Inu (SHB) is now trading at about $0.00001783, just below a key resistance zone, indicating a positive market sentiment. Market analysts anticipate another potential rally in the meme coin space.

Crypto influencer Davinci Jeremie observed that during the last bull cycle, Dogecoin (DOGE) reached a market cap of $88.8 billion, while SHIB peaked at $40 billion. According to him, the bull run will propel the market capitalization of meme coins to a trillion dollars.

Last cycle we saw $DOGE coin hit $88.8 billion market cap & $SHIB hit $40 billion.

I think we’ll see memes as an asset class hit close to $1 trillion market cap this cycle

— Davinci Jeremie (@Davincij15) October 17, 2024

Currently, the market capitalization of meme coins has surged to $58 billion, which is still behind other up-and-coming crypto sectors like AI-based tokens and real-world asset cryptos, but still a substantial amount.

On the bullish side, investors stand to gain significant profits if SHIB manages to break through resistance levels into $0.000028, and with the present momentum on their side, there is hope that the rest of the meme coins will also see positive performance.

The Current Status Of Meme Coins

It may have ended its global trend reversal and exited a prior downtrend, but don't count it out yet because SHIB experienced a large spike in late September 2024, reaching an all-time high of $0.00002135.

This peak successfully crossed two strong resistance levels, which bodes well for the coin and other meme coins. According to a technical analysis by PS Trade, there is a high resistance point at $0.00002052 where approximately 83.75 trillion tokens are held at this price level.

$SHIB Although the price of #SHIBUSDT is still not rising very confidently on the 3-day timeframe, the global downward trend reversal structure is complete. Therefore, our target for this cryptocurrency is 100% growth. pic.twitter.com/DhOcxx3j1T

— PS trade (@PStrade2) October 16, 2024

PS Trade noted that even though the price of SHIBUSDT is still not increasing very strongly on the three-day period, the global downward trend reversal structure is complete. For this coin, he said their aim is therefore 100% increase.

It was observed that by the end of September, a double local top had formed in two successive days above its high made in the middle of July. However, the strongest resistance band lies between $0.000018 and $0.000020 since 439.16 trillion tokens are dispersed across 45,620 wallets. If the bullish trend of SHIB continues, then it might test the next major hurdle at $0.000028.

Shiba Inu: Technical Indicators And Market Challenges

Large-position institutional investors pushed SHIB back below $0.000018. As the CMF is still negative at – 0.22, this presents selling pressure from the large holders. At the same time, the StochRSI has shown that SHIB was already entering into an overbought position due to its values oscillating between 71 and 57.

That makes it important that the oscillators and charts begin to show signs of short-term volatility and further corrections if the selling pressure continues. However, given the strong bullish setup, a further rally is quite possible. Investors need to keep an eye on key resistance levels as well as technical indicators for further movements in SHIB.

Featured image from CNBC, chart from TradingView

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