CandleFocus 100% Uptick For Shiba Inu? Experts Eye Global Reversal As Catalyst
2024-10-19
Author: Content Editor
The crypto market is optimistic about the potential for a rally in meme coins, with Shiba Inu (SHIB) currently priced just below a key resistance zone. Market analysts, such as Davinci Jeremie, predict that meme coins could reach a trillion-dollar market cap this cycle. The market capitalization of meme coins sits at $58 billion, behind other crypto sectors but still a considerable amount. Technical analysis suggests that SHIB could see significant profits if it breaks through resistance levels. While the coin recently reached an all-time high, it faces resistance at around $0.00002052. Large-position institutional investors have caused selling pressure on SHIB, and oscillators and charts indicate the potential for short-term volatility and corrections. However, the overall bullish setup suggests further rallies are possible, and investors should monitor resistance levels and technical indicators.
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