The price of Shiba Inu remains under pressure because its daily trading volume and its open interest in the long term continues to drop. Shib collapsed by around 50% compared to its highest level in 2024, costing billions of cryptographic investors. So, can the coin bounce back and hit the large resistance at $ 1?
Can the Shiba Inu price reach $ 1?
The cryptocurrency industry has shown that anything can happen. Bitcoin went from $ 1 in 2009 to more than $ 109,200 earlier this year. More recently, the mantra token climbed $ 6.5 compared to the lowest of last year by $ 0.1.
Therefore, some holders of Shiba Inu chips believe that the room can bounce back and hit the resistance at $ 1. It would be a great thing for the medal because it would mean the rise of more than 9 million percentage compared to the current level.
Shiba Inu has a circulating offer of more than 598 Billions and has a current market capitalization of more than $ 9.8 billion. This makes it the second largest piece of memes in industry. As such, going from current $ 0,000016 to $ 1, and excluding its burning rate, means that its market capitalization would reach 589 billions of dollars.
This is a large number since the global gross domestic product (GDP) is 105 billions of dollars. As such, this amazing number means that the price of Shiba Inu is very unlikely to reach $ 1 in the long term.
What is the height of the long -term shib price?
The weekly graph shows that the price of Shiba Inu will probably continue to increase in the long term. He recently crashed at a minimum of 0.0000115 last week. It was a notable level because it coincided with the lowest swing since May 2021.
Shiba Inu has also formed a Doji candlestick pattern, which is characterized by a small body and lower and upper shadows. It is one of the most optimistic candlestick models on the financial market.
There are signs that Shiba Inu has a background at $ 0.00001140 whose neckline is at $ 0.00003325. A double background is a very popular bullish graphic model.
Therefore, the Shib part price The rebounded probably when the bulls target the level of Fibonacci retracement at 50% to $ 0.00004710, around 176% above the current level. A movement above this level means that the part will then rise to a record level of 0.000088, up 420% compared to the current level. However, a drop below 0.00001140 assistance will invalidate the bullish view.