Becoming one of the most successful meme coins, Shiba Inu (SHIB) continues to make headlines in the crypto scene. The meme coin has surged more than 30% over the past month, attracting interest from both retailers and analysts. Some analysts believe SHIB could soon overcome a major resistance level thanks to a community-led rally, pushing its market cap to over $11 billion, allowing for even greater gains.
This thrill is primarily driven by a prediction from a pseudonymous analyst called FOUR. Fueled by what it describes as a “hyper meme coin cycle,” FOUR claims that Shiba Inu is poised to reach new heights. FOUR projects believe that a break above the $0.00002169 resistance level could send the price skyrocketing to $0.00003260, indicating a possible 71% increase over SHIB, which is currently trading at $0.00001912.
$SHIB heading towards $0.00003260 price very soon than expected
The Memes super cycle has just begun #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 $0.00002169 resistance level now takes center stage. Previously tested during a rush at the end of September, this price was rejected. But SHIB’s current growing momentum has revived hopes that this barrier will soon be broken. Analysts say that if SHIB rises above this level, it could trigger a rapid price rise driven by continued support from its vast population.
FOUR’s research fits into this perspective. It highlights the recent weekly close of the candles, implying that SHIB is moving closer to victory over its current obstacles. Shiba Inu could quickly see a notable increase in value if resistance is overcome, as positive momentum continues to grow.
Retail investors promote the rally
We can mainly attribute the rise of Shiba Inu to the level of individual investors. Data from CoinMarketCap shows that almost 90% of SHIB holders are small investors holding between $0 and $1,000. The coin’s popularity was boosted by this popular support, increasing its resilience to market changes. The continued rally can be attributed to retail investors believing in SHIB’s future for further expansion.
It is #SHIB analyzes of #Coinmarketcap . Blue colors belong to retail with bag holders from $0 to $1000. Nearly 10% of holders have a bag worth $1,000-100,000 and only 0.20% have a SHIB bag worth $100,000 and above. These belong to the exchange. This is a perfect narrative for which SHIB should be a… pic.twitter.com/i7x8D49tUn
– Lola (@CryptoLollla) October 20, 2024
Interestingly, however, almost a quarter of meme coin holders had assets valued at more than $100,000. Although rare, this group is important in the ecosystem and could perhaps include liquidity providers and exchanges.
Positive outlook despite volatility
Although the Shiba Inu has a volatile past, some market analysts see a bright future for it. Community support for the coin, along with the broader coin cycle, could push SHIB higher in the coming weeks. FOUR’s estimate of a 71% increase is contingent on significant hurdles being cleared.
Investors will be watching closely to see if Shiba Inu can maintain its growing pace and clear the obstacles in its path.
Featured image by Katerina_Brusnika//Getty Images, chart by TradingView
