Rising to become one of the best-selling meme coins, Shiba Inu (SHIB) is constantly making headlines in the cryptocurrency scene. The meme coin has jumped by over 30% over the past month, attracting both retail and analytical interest. Some analysts believe that SHIB may soon overcome a major level of resistance with a social rally that will bring the company’s market capitalization to over $11 billion, thus enabling even further gains.
This thrill is mainly due to the predictions of a pseudonymous analyst named FOUR. Fueled by what it calls the “hypermeme coin cycle,” FOUR says the Shiba Inu is poised to reach fresh heights. FOUR projects assume that a break above the $0.00002169 resistance level could send the price skyrocketing to $0.00003260, indicating a possible 71% upside against SHIB, which is currently trading at $0.00001912.
$SHIB It is approaching the price of $0.00003260 very quickly than you expect
A super cycle of memes has just begun #Ceiling #MemeSeason #MemSupercycle pic.twitter.com/8QXXiE7odd— FOUR | Cryptospaces (@X_Four_iv) October 19, 2024
Shiba Inu: Major resistance level at $0.00002169
For traders and experts, the $0.00002169 resistance level now comes to the fore. This price point, previously tested during the delayed September peak, was rejected. However, SHIB’s current growing momentum has reignited hope that this barrier will soon be broken. Analysts say that if SHIB exceeds this level, it could result in rapid price increases motivated by continued support from a huge population.
FOUR’s research fits into this perspective. He points to the recent weekly candle close, suggesting that SHIB is getting closer to overcoming its current hurdles. The Shiba Inu can quickly experience a noticeable augment in value if the resistance is overcome as positive momentum builds.
Retail investors promoting the rally
The growth of Shiba Inu can be mainly attributed to the retail investor level. Data from CoinMarketCap shows that almost 90% of SHIB holders are compact investors with amounts ranging from $0 to $1,000. The coin’s popularity is due to this grassroots support, thus increasing its resilience to market changes. The continued growth can be attributed to retail investors believing in SHIB’s future for continued expansion.
This is #SHIB analyst with #Coinmarketcap . Blue colors are owned by retailers with bag holders valued at 0-1k. USD. Almost 10% of owners have luggage worth PLN 1,000 or more. up to 100 thousand dollars, and only 0.20% have a SHIB bag worth PLN 100,000. and more. These belong to the exchange. This is a great story about why SHIB should be… pic.twitter.com/i7x8D49tUn
— Lola (@CryptoLollla) October 20, 2024
Still, it’s worth noting that almost a quarter of meme coin holders had assets worth more than $100,000. Although infrequent, this group is critical in the ecosystem and may include liquidity providers and exchanges.
A positive point of view despite volatility
Although the Shiba Inu has a history of instability, some market analysts see a glowing future for it. Community-led support for the currency along with a larger meme coin cycle could see the SHIB Index rise in the coming weeks. FOUR’s growth estimate of 71% depends on breaking critical barriers.
Investors will be watching closely to see if the Shiba Inu can maintain its growing momentum and clear the obstacles in its path.
Featured image from Katerina_Brusnika//Getty Images, chart from TradingView
