Shiba Inu (SHIB) is currently positioned slightly below a crucial resistance level at approximately $0.00001783, which has sparked optimism in the market. Market experts anticipate a potential rally in meme coins, including SHIB, with a projected growth of 100% if resistance levels are surpassed.
Crypto influencer Davinci Jeremie highlights that during the previous bull cycle, Dogecoin (DOGE) achieved an $88.8 billion market cap, while SHIB reached $40 billion. He forecasts meme coins as an asset class could target a $1 trillion market cap in this cycle. Currently, meme coins boast a combined market cap of $58 billion.
Recent technical analyses suggest SHIB has completed its global downward trend reversal, evidenced by a spike that broke two strong resistance levels in September 2024. A critical resistance point remains at $0.00002052, where significant SHIB holdings rest.
Despite institutional investors pushing SHIB below $0.000018 due to selling pressure, technical indicators such as StochRSI show SHIB entering an overbought position. The setup suggests a strong possibility of a further rally, though careful monitoring of technical indicators is advised for potential price corrections.
