The Shiba Inu (SHIB) cryptocurrency is currently valued at approximately $0.00001783, hovering just below a significant resistance level. This positioning indicates a positive sentiment in the market, with analysts anticipating another potential surge in the meme coin sector.
Market Insights and Influencer Perspectives
Crypto influencer Davinci Jeremie has highlighted the impressive growth of meme coins during the last bull cycle. Dogecoin (DOGE) achieved a market cap of $88.8 billion, while SHIB reached a peak of $40 billion. Jeremie predicts that meme coins, as a distinct asset class, could approach a market cap of $1 trillion in the upcoming cycle.
Currently, the combined market capitalization of meme coins has increased to $58 billion. Although this figure lags behind emerging crypto sectors such as AI-based tokens and real-world asset cryptocurrencies, it remains a substantial amount in the crypto landscape.
Potential for Profits Amid Bullish Trends
For investors, the prospect of substantial profits looms large if SHIB breaks through its resistance levels and reaches the $0.000028 mark. The prevailing momentum has sparked optimism that other meme coins might also experience notable performances.
The Present Condition of Meme Coins
Despite a global trend reversal, meme coins like SHIB remain influential. In late September 2024, SHIB experienced a significant spike, achieving an all-time high of $0.00002135. This peak successfully overcame two formidable resistance levels, signaling positive prospects for SHIB and similar coins.
Technical analysis from PS Trade identifies a high resistance point at $0.00002052, where approximately 83.75 trillion tokens are concentrated. Although SHIB’s price on the three-day timeframe hasn’t shown robust growth, the global downward trend reversal is considered complete, and a 100% growth target is set for the cryptocurrency.
Resistance Challenges and Future Projections
By September’s end, a double local top emerged over two consecutive days, surpassing the mid-July highs. The most significant resistance band lies between $0.000018 and $0.000020, with 439.16 trillion tokens spread across 45,620 wallets. If SHIB maintains its bullish trend, it could challenge the next major resistance at $0.000028.
Shiba Inu: Technical Indicators and Market Dynamics
Institutional investors with large positions have pushed SHIB back below $0.000018. The Chaikin Money Flow (CMF) index remains negative at –0.22, indicating selling pressure from major holders. Meanwhile, the Stochastic RSI has shown that SHIB is entering an overbought position, with values fluctuating between 71 and 57.
This situation underscores the importance of monitoring oscillators and charts for signs of short-term volatility and potential corrections if selling pressure persists. However, given the strong bullish setup, a further rally remains a viable possibility. Investors should closely watch key resistance levels and technical indicators for additional movements in SHIB.
