As a seasoned crypto investor with over a decade of experience in this wild and unpredictable market, I have learned to take every forecast and prediction with a grain of salt. Having seen the rise and fall of numerous coins, I’ve grown accustomed to the euphoria that follows a bull run and the subsequent crash that follows suit.
As Donald Trump takes office as the 47th U.S. president and crypto markets show signs of recovery, meme coins are experiencing a surge. For instance, the price of Dogecoin skyrocketed by an impressive 208% over nine days, and other cryptocurrencies based on dogs and cats are also soaring. Given this sudden increase in demand, it’s possible that Shiba Inu could be next to experience a significant price rally. This article investigates whether SHIB could reach $1 following Dogecoin’s 208% surge.
Can Shiba Inu Price Hit $1?
As a dedicated crypto investor, I must confess that predicting the exact price of Shiba Inu hitting $1 seems rather unlikely at this moment. Yet, the intricacies of the cryptocurrency market are far from straightforward.
Following the conclusion of the U.S. elections and Elon Musk’s participation in forming the Department of Government Efficiency (D.O.G.E.), memecoins have experienced a surge in popularity. In fact, Dogecoin’s price skyrocketed by 208% over a nine-day period, leading many to speculate that Shiba Inu, a close competitor of Dogecoin, will also see similar gains.
It’s rather improbable for SHIB to reach a dollar given its significant distance from the present value. According to predictions as of November 16, SHiba Inu would need an unprecedented surge of 3,906,150% to achieve that price point.
SHIB Technical Analysis: What’s Next for Dogecoin-killer?
Right now, the cost of Shiba Inu fluctuates between $0.0000211 (a potential support point) and $0.0000295. Given that the Relative Strength Index (RSI) has exceeded the overbought zone, it’s reasonable to anticipate a small price adjustment. Over the past five days, SHIB has already dropped by 17%, and it appears poised for further decline. The Awesome Oscillator suggests a possible increase in bearish energy, hinting at an impending correction.
Should the bearish trend persist, it’s possible that SHIB may return to its previous support at approximately $0.0000211. If this level sees buying interest, investors might want to accumulate as a swift rebound could follow. The next potential resistance is around $0.0000295, which is about 41% higher and lies ahead. If the bullish sentiment continues alongside Bitcoin‘s projected price of $100k, Shiba Inu might even reach $0.0000359.
In total, this move would constitute 70% move.
If the price of Shiba Inu falls below the $0.0000211 resistance, it suggests a decrease in demand. This reversal would contradict the bullish outlook and potentially lead to a 25% drop down to the $0.0000158 support level.
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2024-11-16 16:01