As Donald Trump becomes the 47th President of the United States and the cryptocurrency race restarts, meme coins are exploding. For example, the price of Dogecoin has soared 208% in just nine days and many other cryptocurrencies based on dogs and cats are skyrocketing. With this spike in demand, the Shiba Inu price could be next in line for a massive rise. This article explores whether SHIB can reach $1 after DOGE’s 208% rally.
Can Shiba Inu Price Reach $1?
The short answer to the question of whether the Shiba Inu price can reach $1 is “no”. However, the answer is not that simple, let’s explore it.
As mentioned above, after the conclusion of the US elections and Elon Musk’s involvement in the creation of the Department of Government Efficiency (DOGE), memecoins became extremely sought after. As the price of Dogecoin soared 208% in just nine days, investors can expect Shiba Inu, a closer competitor to DOGE, to follow suit.
But SHIB reaching $1 seems unlikely given how far the target is from the current price. As of November 16, Shiba Inu Price Prediction notes that it would need to rally 3,906,150% to reach $1.
SHIB technical analysis: what’s next for Dogecoin-killer?
Shiba Inu price is currently hovering between $0.0000211 and $0.0000295, with the former serving as a support level. With the Relative Strength Index (RSI) rising above the overbought level, investors can expect a minor correction. SHIB Price has already retraced 17% over the last five days and is expected to continue this descent. The Awesome Oscillator formed red histograms, supporting a potential peak of bearish momentum and an incoming correction.
If the bearish momentum continues, investors can expect SHIB to revisit the $0.0000211 support level. If there is demand here, buyers should pile in, leading to a quick rebound. $0.0000295 is the next target and sits at around 41%. If demand continues to grow and the Bitcoin price approaches $100,000, Shiba Inu could reach $0.0000359.
In total, this movement would represent 70% of movement.
On the other hand, if Shiba Inu value breaks above the $0.0000211 support floor, it would indicate weakness in demand. Such a development would invalidate the bullish thesis and trigger a 25% correction to the $0.0000158 support level.
Frequently Asked Questions (FAQ)
This is highly unlikely, requiring a 3,906,150% upside from its current price.
The conclusion of the US elections and Elon Musk’s involvement in the “DOGE” project contributed to the surge in demand.
SHIB could see a minor correction due to overbought conditions, but could rebound to $0.0000295 or higher if demand persists.
Akash Girimath
Akash Girimath, an engineer by training, has developed a deep fascination with the complexities of cryptocurrency markets. As a journalist and senior analyst, he specializes in crypto analysis and brings his expertise to notable platforms such as AMBCrypto and FXStreet. In addition to his analytical work, Akash actively trades cryptocurrencies and runs a small crypto fund for friends and family. Its role is to provide in-depth market analysis and keep readers informed about the latest trends in the crypto world. Follow him on Youtube, X and LInkedIn
Disclaimer: Content presented may include the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
✓ Share: