- Forbes Advisor names ten cryptocurrencies with potential based on market cap.
- SHIB is one of the two memecoins making the list alongside BTC, XRP, and ETH.
- Crypto analyst marks a ‘U’ letter-shaped trajectory for SHIB’s new all-time high.
Shiba Inu (SHIB) completed its parabolic weekly 289% rally to tackle Dogecoin (DOGE) for a sweet spot in crypto’s TOP by global market capitalization. Now facing a week-long market correction, the popularity of SHIB has seen critical acclaim from traditional finance heavyweights.
Forbes Advisor Includes SHIB in Crypto’s TOP 10
Forbes, a leading financial media source, named Shiba Inu one of the top 10 cryptocurrencies to watch. A Forbes Advisor column suggested that SHIB is worth considering because it recently exceeded a $24.4 billion market cap, putting it extremely close to DOGE.
The article 10 Best Cryptocurrencies To Invest In March 2024 also mentions Dogecoin, emphasizing that the meme coin recently went up 94,682% from $0.0002 in 2017. However, the article also notes that DOGE has an unlimited supply, making it susceptible to devaluation over time.
Is Shiba Inu Heading Toward U-Shaped Reversal?
The latest triple-digit bull rally has sparked community enthusiasm, and new investors are hopping on the SHIB train. According to IntoTheBlock, 1.29 million crypto wallets hold SHIB in their Ethereum (ETH) blockchain accounts, recording exponential growth since 2021.
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This fact is convenient for SHIB custodians, who have expected to see Shiba Inu’s price soar since its $0.00008616 all-time high on October 28, 2021. While many rival meme coins like Solana’s Bonk (BONK) and Dogwifhat (WIF) scored fresh all-time heights recently, SHIB is still 62.6% away from the milestone.
According to technical analysis by Rekt Capital, a U-shaped reversal is on the cards once SHIB settles in a re-accumulation range. Rekt Capital highlights that the blue-color resistance barrier could reenact itself as a support cluster, given that SHIB sustains above $0.000033285. However, SHIB is consolidating below this price range at publication.
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Another likely support cluster underlies the price range between $0.000021371 and $0.000026041, portrayed in the technical chart in orange. If the theory holds, Rekt Capital sees $0.000038475 as a make-or-break price for Shiba Inu.
According to independent price aggregator CoinGecko, SHIB is exchanging hands at $0.00003217. Slumping by 7.2% over the past 24 hours due to a gradual market correction, SHIB brings the 7-day deficit to 17.6% despite still being up 237% monthly.
On the Flipside
- According to CoinPaprika’s combined spot market liquidity book, despite buying orders rising by 16% over the past 24 hours, SHIB’s pending sell orders still outweigh buy orders by more than $10 million.
Why This Matters
Public recognition of cryptocurrencies as long-term investments is pivotal in raising awareness about blockchain technology and fostering retail cryptocurrency adoption.
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