On August 15th, cryptocurrency trader and analyst Michaël van de Poppe conducted a daily price analysis for Shiba Inu (SHIB), a meme-inspired cryptocurrency. He looked at the key price levels it needs to hold in order to sustain its bullish momentum in the coming months.
According to van de Poppe, as long as SHIB manages to stay above the critical support of around $0.00000941, there’s a high likelihood that it will continue to rise to $0.00000287.
If SHIB achieves van de Poppe’s bullish prediction, it would mark a significant increase of 29.98% from current levels for the second-largest meme coin in terms of market capitalization.
SHIB’s Support and Resistance on Daily Timeframes
Since June 10th, the price of SHIB has steadily increased after dropping to a low of $0.00000543. On daily timeframes, it’s noticeable that the meme coin has formed a strong support zone within the range of $0.00000749 and $0.00000800.
However, on August 13th, SHIB’s price fell below the $0.000001080 level, which is closest to its 55-period moving average (MA) and the nearest resistance it needs to break to sustain its bullish momentum.
At the time of writing, SHIB is priced at $0.000008574, experiencing a 10.8% setback in the past 24 hours due to the ongoing price decline in Bitcoin (BTC).
Shiba Inu’s Crypto Market Leadership
Currently, SHIB holds the 15th position among cryptocurrencies, with the highest market capitalization, having a market cap of $5.05 billion, according to CoinMarketCap. It is outranked in the meme coin category by the larger and pioneering Dogecoin (DOGE), which boasts a market capitalization of approximately $9.3 billion, securing the 9th spot in the top cryptocurrencies list.
Hence, a 29.98% surge would propel SHIB into the top 10 cryptocurrencies and solidify its standing as one of the leading meme coins after DOGE. Additionally, as reported by ZyCrypto, SHIB’s developers have been working diligently to expand the project’s reach and shed its reputation as a simple or useless meme coin.
Ultimately, considering SHIB’s massive following and community, achieving van de Poppe’s projected target might not be as far-fetched as it seems. Who knows, it could even ignite more enthusiasm for meme coins that capture the attention of non-crypto individuals, especially after the price surge seen in PEPE, a coin based on the Pepe the Frog meme.