Can Shiba Inu Reach $1 Following Dogecoin’s 200% Surge?
In a recent development, Dogecoin has experienced a remarkable 208% increase over just nine days. This surge in demand raises the question, can Shiba Inu (SHIB), a notable competitor to DOGE, also capitalize on this momentum and achieve a $1 price point? However, the likelihood of Shiba Inu reaching $1 is minimal. To grasp this better, let’s delve into the metrics.
The recent surge in meme coins can be attributed to the conclusion of the US elections and Elon Musk’s influential role in the establishment of the Department of Government Efficiency (D.O.G.E.). Given this context, SHIB is anticipated to follow in Dogecoin’s wake after its significant rally.
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Yet, the pathways to SHIB reaching $1 are exceedingly distant. Currently, achieving this price would necessitate a staggering increase of 3,906,150% from its present valuation, making it an improbable scenario.
SHIB Technical Analysis
At present, Shiba Inu is fluctuating within the bounds of $0.0000211 and $0.0000295, with the former acting as a critical support level. The Relative Strength Index (RSI) indicates an overbought condition, suggesting that a minor correction is on the horizon. Over the past five days, SHIB has already seen a retracement of 17%, and further decline seems likely. The Awesome Oscillator is currently producing red histograms, reinforcing the possibility of increased bearish momentum and a forthcoming correction.
Market Dynamics Ahead
Should the bearish trend persist, we could see SHIB revisiting the $0.0000211 support level. If buying interest materializes here, it may prompt a rebound. The subsequent target would be the $0.0000295, sitting approximately 41% higher. Assuming demand remains robust, particularly with Bitcoin eyeing the $100K mark, SHIB could potentially ascend to $0.0000359. This scenario would constitute a total move of about 70%.
Conversely, if SHIB breaches the $0.0000211 support floor, it would signal a weakening of demand, thereby nullifying the bullish outlook and potentially triggering a 25% correction down to the $0.0000158 support level.
Read Also: XRP’s Price Action: Analysts Anticipate Frustration but Potential ATH Soon
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Dr. Olajide Samuel juggles the demands of medical studies with a passion for cryptocurrency. A seasoned blogger, Olajide shares his vast global knowledge of the crypto space, offering insights to enthusiasts. Despite his busy schedule, his commitment to crypto remains strong, and he actively seeks ways to contribute to its future.
