Shiba Inu (SHIB) is one of the best performing meme coins and continues to make headlines in the crypto scene. The meme coin has jumped by more than 30% over the past month, attracting both private and analytical interest. Some analysts believe SHIB could soon overcome a major resistance level with a community-driven rally that takes its market cap above $11 billion, allowing for even further gains.
This excitement is mainly caused by a prediction from a pseudonymous analyst called FOUR. Fueled by what he describes as a “hypermeme coin cycle,” FOUR claims Shiba Inu is about to reach new peaks. FOUR predicts that a break above the resistance level at $0.00002169 could send the price skyrocketing to $0.00003260, indicating a possible 71% upside against SHIB, which is currently trading at $0.00001912.
$SHIB marches to the price of $0.00003260 very quickly than you expect
The Memes Super Cycle has just begun #Shib #Memeseason #MemeSupercycle 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 resistance level at $0.00002169 is now in focus. Previously tested during a rush hour in late September, this price point was rejected. But SHIB’s current increasing momentum has revived hopes that this barrier will soon be broken. Analysts argue that if SHIB exceeds this level, it could trigger a rapid price increase, prompted by continued support from the general population.
FOUR’s research fits into this perspective. He points to the recent weekly close of the candle, which implies that SHIB is getting closer to overcoming the current obstacles. Shiba Inu could soon experience a notable increase in value if resistance is overcome since positive momentum is growing.
Private investors are promoting the rally
The rise of Shiba Inu at the level of private investors can mainly be attributed. Data from CoinMarketCap shows that nearly 90% of SHIB holders are retail investors holding anything from $0 to $1,000. The currency’s popularity has been driven by this grassroots support, increasing its resilience to market changes. The continued rally can be attributed to retail investors believing in SHIB’s future for further expansion.
This is #SHIB analyzes of #Coinmarketcap . The blue colors are proprietary to retailers with bag holders ranging from $0-$1K. Nearly 10% of holders have a bag value of €1,000 to €100,000 and only 0.20% have a SHIB bag worth 100,000 or more. These belong to the exchange. This is a perfect story why SHIB is a… pic.twitter.com/i7x8D49tUn
— Lola (@CryptoLollla) October 20, 2024
Still, it’s interesting to note that nearly a quarter of the meme coin’s holders had assets worth more than $100,000. Although rare, this group is important in the ecosystem and may also include liquidity providers and exchanges.
Positive stance despite volatility
Although Shiba Inu has a history of instability, some market analysts see a bright future for it. The coin’s community-driven support, along with the larger cycle of meme coins, could see SHIB soar in the coming weeks. FOUR’s estimate of a 71% increase depends on breaking key barriers.
Investors will be keeping a close eye on whether Shiba Inu can keep up the increasing pace and remove obstacles in its path.
Featured image by Katerina_Brusnika//Getty Images, chart from TradingView
