thecryptobasic.com
Amidst bullish speculations of an impending Shiba Inu surge, pseudonymous analyst FOUR has predicted an earlier-than-expected uptrend to the region.
Bullish momentum around Shiba Inu continues to swell amidst recent price performances. For context, the 13th-largest cryptocurrency by market cap has surged 34.36% in the past month, with its performance only bettered by Dogecoin in the top 15 crypto assets.
This substantial surge has raised bullish expectations among market speculators as Shiba Inu approaches a major resistance at the $0.00002169 price mark. Analysts have asserted that a break above the resistance, where SHIB was rejected during the September 28 rally, will push it to higher prices.
Meanwhile, market speculator FOUR has shared his thoughts on the Shiba Inu’s price expectation, noting he sees an impending surge. In a tweet on Friday, the analyst asserted that SHIB would surge to $0.00003260 faster than most speculators expect.
Analyst Cites Super Meme Coin Cycle
Analyst FOUR implied that Shiba Inu’s 1-week chart shows the altcoin has sufficient bullish momentum to surge past the impending resistance level and hit $0.00003260. Notably, a surge of this magnitude will entail a 71% uptick from the current price.
The market commentator argued that the SHIB chart indicates heightened bullishness, asserting that the momentum could drive Shiba Inu to its next target sooner than expected. Notably, SHIB closed the week positively, recording a healthy bullish candle very close to the substantial resistance at $0.00002169.
Furthermore, FOUR cited the “super” bullish meme coin cycle as a catalyst for Shiba Inu’s uptick. He implied that the nascent meme sector’s super cycle would ensure that SHIB surges to $0.00003260 faster than everyone expects.
Notably, IBC founder and crypto enthusiast Mario Nawfal shares a sentiment similar to FOUR. In a tweet today, he pointed to Shiba Inu’s impressive performance amidst the wider meme coin sector’s bullish push.
Meanwhile, the recent Shiba Inu surge saw it briefly overtake Avalanche to become the 12th largest crypto asset by market cap. It also ensured that SHIB’s market cap rose rose above $11 billion, up over 43% in the past month.
Flourishing Meme Coin Sector
Indeed, the meme coin sector has flourished recently despite positive sentiments from utility tokens. For instance, Nawfal pointed to the bullish news from Bitcoin, as the US Securities and Exchange Commission approved the NYSE filing for options trading on the Bitcoin spot exchange-traded funds.
The positive sentiments from the approval catalyzed Bitcoin’s short-lived surge to $69,000 early Monday. Despite this, traction towards meme coins remains.
Notably, assets in the top five meme coin rankings have appreciated an average of 30% in the past five days. The best-performing token, dogwifhat (WIF), has surged by a staggering 56% to $2.6.
At the time of writing, the sector has grown 2.9% in the past 24 hours, with a market cap of $65.3 billion.