Shiba Inu (SHIB) has become the talk of the town in the cryptocurrency world, and for good reason. With its cheerful appeal and loyal community, SHIB has demonstrated impressive resilience and growth over time. Now, the buzz is louder than ever as analysts point to a rare cup and handle pattern forming over three years — a sign of potential bullish momentum.
But will SHIB actually reach the magical milestone of $1 in just 30 days? In this Shiba Inu price prediction article, we will analyze technical signals, market trends, and what this means for SHIB holders. Buckle up; it will be an exciting ride.
How has the price of Shiba Inu changed recently?
Shiba Inu (SHIB) is currently priced at $0.00002857, with a 24-hour trading volume of $1.05 billion, a market capitalization of $16.84 billion, and a market dominance of 0.46%. In the past 24 hours, SHIB's price has increased by 3.56%.
The token reached an all-time high of $0.00008819 on October 28, 2021, while the all-time low recorded on November 28, 2020, was $0.0000000005637.
From the peak, the lowest SHIB price was $0.000005821 (the low of the cycle) and the highest recovery since that low reached $0.00004501 (the high of the cycle). The current sentiment around SHIB is neutral and the Fear & Greed Index is showing a level of 83, indicating extreme greed in the market.
The circulating supply of Shiba Inu is 589.26 trillion SHIB, close to the maximum supply of 589.74 trillion SHIB. The annual supply inflation rate is slightly negative at -0.02%, with a decrease of 90.17 billion SHIB over the past year.
Can Shiba Inu (SHIB) reach $1 in the next 30 days?
The idea of Shiba Inu reaching $1 in the next 30 days is quite ambitious, but let's analyze, considering both technical signals and market momentum while understanding the huge leap needed to achieve such a price milestone.
Renowned cryptocurrency analyst 'CryptoELITES' has highlighted a cup and handle pattern forming on Shiba Inu's weekly candlestick chart over three years. This pattern is widely regarded as a strong bullish indicator, often signaling a continuation of the uptrend. According to the analyst, SHIB's next major price targets are $0.000085171, $0.000183312, and ultimately $0.000472905.
These forecasts, especially the target of $0.000472905, represent an astonishing increase of 1,700% compared to the current SHIB price of $0.0000268. The primary driver of this price surge is the potential to break through the downtrend line that has acted as resistance since October 2021. Continued bullish sentiment in the altcoin market, along with Bitcoin's declining dominance, may bring SHIB closer to these targets.
The analyst links this potential bullish rally to the decline in Bitcoin's dominance, which would allow more capital to flow into altcoins like SHIB. Bitcoin's dominance recently dropped from 61.53% to 57.17%, indicating a slow but steady capital rotation into other cryptocurrency assets. If this trend continues, it could provide the fuel that SHIB's price needs to sustain a significant rally.
However, reaching $1 will require more than a favorable pattern or market conditions. It involves overcoming extreme pricing challenges, as explained below.
With the current price at $0.0000268, for Shiba Inu to reach $1, its price would need to increase by about 3,731,343%. To understand better:
SHIB's current market capitalization is $16.84 billion. If SHIB reaches $1 with the current circulating supply of 589.26 trillion tokens, its market cap would skyrocket to $589.26 trillion. This figure is approximately five times the GDP of the entire world — an unrealistic scenario in the current economic context.
A significant price increase will require a sharp reduction in circulating supply. Even with a robust burn rate, achieving a low enough supply to support a $1 price remains highly unlikely within 30 days.
Although $1 may not be achieved soon, CryptoELITES' prediction of $0.000472905 is much more realistic and aligns with technical signals. Achieving this target will depend on:
Sustainable bullish momentum in the cryptocurrency market overall.
A sharp decline in Bitcoin's dominance, leading to a significant capital shift towards altcoins.
Increased community participation, use cases, and token burns to manage supply.
If these factors align, SHIB could achieve impressive gains in the coming weeks, but the $1 target still remains out of reach in the current market momentum. Instead, investors should focus on achievable milestones and monitor SHIB's price behavior at key resistance levels, particularly around $0.000085171 and $0.000183312.
DYOR! #Write2Win #Write&Earn $SHIB
