Shiba Inu (SHIB), a prominent meme coin, is making waves in the crypto market with a recent 30% increase over the past month. Analysts are optimistic about SHIB overcoming a major resistance level, potentially boosting its market value to over $11 billion.
The optimism largely stems from a prediction by pseudonymous analyst FOUR, who believes SHIB is in a "hyper meme coin cycle." FOUR projects that surpassing the $0.00002169 resistance level could propel SHIB's price to $0.00003260, signifying a 71% potential increase.
This projected rally focuses on the critical $0.00002169 resistance level. If SHIB breaks this barrier, it could trigger a sharp price rise, supported by substantial community backing. The weekly candle close suggests SHIB is nearing its breakthrough.
Much of SHIB's rise is attributed to retail investors, holding $0 to $1,000 investments. Their grassroots support significantly bolsters the coin's resilience against market shifts. Notably, a considerable portion of holders has assets over $100,000, impacting SHIB's ecosystem.
Shiba Inu's future appears promising despite its historical volatility. Continuing community support and the meme coin cycle may further elevate SHIB in the coming weeks. Investors will watch closely to see if SHIB sustains its momentum and overcomes challenges.
