With the current momentum, there is hope for good performance from other meme coins as well. Investors should keep an eye on key resistance levels and technical indicators for future movements in SHIB.
This information is provided for informational purposes only and does not constitute financial advice. Please conduct thorough research before investing.
Cryptocurrency investments are volatile and come with risks. Shiba Inu’s Technical Indicators and Market Challenges
Although SHIBUSDT is still not rising very confidently on the three-day timeframe, the global downward trend reversal structure is complete.
This means there is an aim for a 100% boost in the cryptocurrency’s price, according to PS Trade analysis. This suggests that the market is in a good mood, and analysts are predicting that meme coins could reach a trillion-dollar market cap during the next bull cycle.
Crypto influencer Davinci Jeremie has observed that during the last bull cycle, Dogecoin (DOGE) reached a market cap of $88.8 billion, while SHIB peaked at $40 billion. Despite some challenges and potential selling pressure from large-position institutional investors, the strong bullish setup suggests a further rally is possible.
Meme Coins’ Market Cap Approaching $1 Trillion
The market capitalization of meme coins has surged to $58 billion, with Shiba Inu (SHIB) priced at about $0.00001783, just below its key resistance zone.
