Shiba Inu (SHIB) has recently seen a significant increase in its price, rising by 16% in the past 24 hours to reach $0.00002929. The question on everyone’s mind is whether SHIB could reach the $1 mark, especially with the current buzz around Bitcoin’s growth. In this analysis, we will explore SHIB’s recent price action, factors driving its rise, and consider whether this momentum could push it closer to the $1 goal.
Looking at SHIB’s recent performance, it is trading at $0.00002913 with a 24-hour trading volume of $5.79 billion, a market cap of $17.17 billion, and a market dominance of 0.57%. Its price has risen by 15.21% in the past 24 hours, indicating strong momentum. SHIB reached its all-time high of $0.00008819 on October 28, 2021, and since then, its lowest drop was $0.00005821, while the highest rebound reached $0.00004501.
Currently, the sentiment around SHIB remains bullish, with the Fear & Greed Index indicating “Greed” with a score of 69. The increase in SHIB’s price can be attributed to increased activity among large-scale investors or “whales.” Just two days ago, transaction volumes surged by 150.47%, with approximately 6.47 trillion SHIB tokens—worth about $123.18 million—changing hands.
This uptick in whale activity often signals confidence among key investors, potentially pointing to expectations of future gains. Looking forward, technical indicators reveal crucial levels that could define SHIB’s trajectory. Currently, the pivotal point for SHIB price sits at $0.00002859. If SHIB can maintain momentum above this level, the immediate resistance at $0.00003105 could come into play.
Successfully breaking through would set SHIB up to test the next resistance at $0.00003315, with a more formidable barrier at $0.00003536, potentially marking a sustained bullish trend. On the downside, SHIB’s immediate support lies at $0.00002636. Should SHIB dip below this, the next support levels at $0.00002462 and $0.00002374 may be tested.
The market’s reaction at these support and resistance points will determine whether SHIB can sustain its upward trend or see a pullback. While Shiba Inu (SHIB) has shown impressive gains in the past year, with a 232% price increase that outperformed 77% of the top 100 cryptocurrencies—surpassing even Bitcoin and Ethereum—its path to reaching $1 remains highly unlikely based on current calculations and technical factors.
To reach $1, SHIB price would need to multiply its current price thousands of times over, resulting in a market cap in the trillions, far exceeding the entire current cryptocurrency market cap. Technically, SHIB’s performance indicators show strength, as it is currently trading above the 200-day simple moving average—a positive sign for continued growth.
However, with 15 green days out of the past 30, the coin may be approaching an overbought territory, often a precursor to a price correction. Additionally, with SHIB’s price still down 67% from its all-time high, breaking past these previous resistance levels alone would require substantial, sustained buying pressure, not yet evident in the market.
Another factor to consider is SHIB’s high liquidity relative to its market cap, meaning that a significant influx of capital would be required to sustain upward momentum. While SHIB’s negative yearly inflation rate (-0.01%) suggests some deflationary characteristics, it is not substantial enough to drive a parabolic price increase to $1.
Although SHIB’s recent performance and technical indicators suggest a strong position, reaching $1 is mathematically improbable without an extraordinary and unlikely combination of factors, including massive capital inflows and continued deflationary adjustments. Based on these calculations, SHIB is unlikely to hit $1 in the foreseeable future.
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