100% Uptick For Shiba Inu? Experts Eye Global Reversal As Catalyst
19 Ottobre 2024 - 1:30AM
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Shiba Inu (SHIB) is now priced at about $0.00001783, just below a
key resistance zone which means that the market is in a good mood.
Market analysts are ready to witness another possible rally in the
meme coin space. Related Reading: Market Data Hints At 500x XRP
Rally In Upcoming Altcoin Season Crypto influencer Davinci Jeremie
noted that during the last bull cycle, Dogecoin (DOGE) reached a
market cap of $88.8 billion, while SHIB peaked at $40 billion. The
bull run will take the market cap of meme coins to a trillion
dollars. Last cycle we saw $DOGE coin hit $88.8 billion market cap
& $SHIB hit $40 billion. I think we’ll see memes as an asset
class hit close to $1 trillion market cap this cycle — Davinci
Jeremie (@Davincij15) October 17, 2024 Currently, the market
capitalization of meme coins has surged to $58 billion, although
still behind other up-and-coming crypto sectors such as AI-based
tokens and real-world asset cryptos, but still a solid amount
nonetheless. On the bullish side, investors would have a pretty
good chance of significant profits upon its break from resistance
levels into $0.000028, with the current momentum at their side,
there is hope that the rest of the meme coins might also witness
good performance, too. The Current Status Of Meme Coins It might
have ended its global trend reversal and gone off a prior downtrend
but do not count it out yet since during the late parts of
September 2024, SHIB saw a huge spike as it recorded an all-time
high at $0.00002135. This peak successfully broke two strong
resistance levels which can only mean good for the coin and other
meme coins. From the technical analysis from PS Trade, there is a
high resistance point that is at $0.00002052 where around 83.75
trillion tokens are kept at this price level. $SHIB Although the
price of #SHIBUSDT is still not rising very confidently on the
3-day timeframe, the global downward trend reversal structure is
complete. Therefore, our target for this cryptocurrency is 100%
growth. pic.twitter.com/DhOcxx3j1T — PS trade (@PStrade2) October
16, 2024 PS Trade said the global downward trend reversal structure
is complete even if the price of SHIBUSDT is still not increasing
very strongly on the three-day period. For this coin, he said their
aim is therefore 100% increase. It was found that by the end of
September, a double local top had been formed in two successive
days above its high made in the middle of July. However, the
strongest resistance band lies between $0.000018 and $0.000020
since 439.16 trillion tokens are dispersed across 45,620 wallets.
If the bullish trend of SHIB continues, then it might test the next
major hurdle at $0.000028. Related Reading: Analysts On Bitcoin:
2024 US Election Could Steer The Crypto’s Future Shiba Inu:
Technical Indicators And Market Challenges Large-position
institutional investors pushed SHIB back below $0.000018. As the
CMF is still negative at – 0.22, this presents selling pressure
from the large holders. Meanwhile, the StochRSI has revealed that
SHIB was already entering into an overbought position due to its
values oscillating between 71 and 57. That makes it important that
the oscillators and charts begin to show signs of short-term
volatility and further corrections if the selling pressure
continues. However, given the strong bullish setup, a further rally
is quite possible. Investors need to keep an eye on key resistance
levels as well as technical indicators for further movements in
SHIB. Featured image from CNBC, chart from TradingView
Grafico Azioni Dogecoin (COIN:DOGEUSD)
Storico
Da Set 2024 a Ott 2024
Grafico Azioni Dogecoin (COIN:DOGEUSD)
Storico
Da Ott 2023 a Ott 2024