As a seasoned researcher with over two decades of experience in the financial markets, I’ve witnessed my fair share of market cycles and trends. The current situation of meme coins like Shiba Inu (SHIB) seems to be an interesting one, given its potential for growth as suggested by analysts like Davinci Jeremie.
Currently, Shiba Inu (SHIB) is trading around $0.00001783, slightly under a significant resistance level, suggesting a positive market sentiment. Market experts are eagerly anticipating another potential surge for Shiba Inu in the meme coin sector.
Mentioning cryptocurrency expert Davinci Jeremie, he pointed out that during the previous market surge, Dogecoin (DOGE) reached a staggering market capitalization of $88.8 billion, while Shiba Inu (SHIB) peaked at $40 billion. Jeremie predicts that the upcoming bull run could push the total market cap of meme coins to an impressive 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
As an analyst, I’m observing a significant rise in the market capitalization of meme coins, currently standing at approximately $58 billion. While this figure lags behind other emerging crypto sectors like AI-driven tokens and real-world asset cryptocurrencies, it’s undeniably a substantial amount that underscores their growing influence within the broader crypto landscape.
From an optimistic perspective, if this asset breaks past its resistance points and reaches approximately $0.000028, investors could potentially reap substantial returns. Given the current trend, it’s plausible to expect other meme coins may also perform well as a result.
The Current Status Of Meme Coins
Although it appears to have resumed its downward trajectory following a trend reversal, it’s still premature to write off SHIB. In late September 2024, there was a significant surge in its price that reached an all-time high of $0.00002135.
This peak significantly surpassed two robust barriers in its path, indicating potential positive outcomes for the coin and similar meme coins. According to PS Trade’s technical analysis, there exists a substantial resistance point situated at $0.00002052, with approximately 83.75 trillion tokens accumulated at this price mark.
Despite SHIB’s price movement on a 3-day scale being relatively cautious, the overall bearish trend has apparently concluded, implying a potential 100% increase in its value.
— PS trade (@PStrade2) October 16, 2024
According to PS Trade, the reversal of the worldwide decline in the value of SHIBUSDT may be complete, although it’s currently not showing significant growth over a three-day span. However, their goal for this specific coin remains a potential 100% price surge.
By the close of September, a pair of local peaks had been established on consecutive days, surpassing the peak reached in mid-July. However, a significant level of resistance exists between approximately $0.000018 and $0.000020 because 439.16 trillion SHIB tokens are spread across 45,620 different wallets. If the upward momentum of SHIB persists, it could potentially challenge the next significant barrier at around $0.000028.
Shiba Inu: Technical Indicators And Market Challenges
Institutional investors with significant holdings have been driving Dogecoin (SHIB) down again, as it dropped below $0.000018. This downtrend is supported by the Current Money Flow (CMF), which remains negative at -0.22, indicating that large investors are selling more than buying. Interestingly, the Stochastic Relative Strength Index (StochRSI) shows that SHIB was already approaching an overbought state, with its values fluctuating between 71 and 57, suggesting that it might have been overvalued in the recent past.
It’s crucial that oscillators and graphs start indicating short-term market turbulence and potential corrections if selling pressure persists. Yet, considering the robust bullish foundation, a continued upswing could occur. Investors should stay vigilant regarding crucial resistance levels and technical indicators to predict future SHIB price movements.
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2024-10-19 02:46