- Shiba crypto broke a global downward trend, reveals pro analyst.
- The 5% pullback takes Shiba Inu below two critical resistance levels.
- Famed Bitcoin maxi sees the meme coin asset class erupting to $1T.
SHIB has experienced several price spikes over the past 30 days, notably the run to $0.00002135 in late September 2024. According to IntoTheBlock, crypto analysts project a further rally, given that SHIB has managed to break through two massive resistance bubbles.
Two Key SHIB Resistance Levels to Watch
In a technical analysis by seasoned crypto signal caller PS Trade, SHIB has fully completed a global downward trend reversal structure despite โnot rising very confidentlyโ on the three-day technical SHIB charts.
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Based on this, the trader marked $0.00002052 as the confluent resistance range, while IntoTheBlock marked this price area as the second largest resistance bubble with 83.75T tokens in place. Forming a double local top around the area in consecutive days in late September 2024, SHIB topped slightly higher than in a similar bull run in mid-July 2024.
Conversely, the largest resistance barrier underlies the price range between $0.000018 and $0.000020, where 439.16T tokens are held in 45.62K crypto wallets. If Shiba Inuโs bullish scenario works out, the analyst expects $0.000028 to be the ultimate sell zone in the bull cycle.
Can Meme Coins Fetch a $1T Market Cap?
At the time of publication, SHIB is trading at $0.00001783, slightly below the largest resistance barricade on the way up. While the roller coaster continues in full swing, analysts buckle up for another leg of a meme coin-led rally.
โLast cycle we saw $DOGE coin hit $88.8 billion market cap & $SHIB hit $40 billion,โ reminded Davinci Jeremie, a Bitcoin Maxi with 688.5K followers on X. The trader alleges that an eventual $1T market cap for the abundant meme coin section is plausible in the next bull super cycle.
The expanding range of meme coins has pushed the global market cap for the meme crypto niche to $58 billion. While this is already twice bigger than Artificial Intelligence (AI)โbased coins, the meme coin section has already outgrown the $7.79 billion Real World Asset (RWA) crypto market by eight times.
On the technical side, SHIB’s 5% backtrack to below $0.000018 is due to large holders decreasing their positions. The Chaikin Money Flow (CMF), a critical metric for assessing large investor behavior, was negative at -0.22 on the one-day charts. The Stochastic Relative Strength Index (StochRSI) pointed to a slightly overbought SHIB condition, gliding between 71 and 57, according to TradingView.ย
On the Flipside
- The recent altcoin rallies have mostly been dominated by mid-cap canine and feline meme coins, outrunning the top dogs.
- Shiba crypto plunged in Derivatives demand, netting $407 million in 24 hours across SHIB and 1000-SHIB smart contracts.
- For comparison, meme coin rivals such as Dogecoin and Pepe regularly raise over $2B in leveraged market offerings.
Why This Matters
Technical analysis establishes a pattern based on blockchain data, but macroeconomic and global factors can present a different scenario.
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