Despite the recent downturn in the cryptocurrency market, Shiba Inu (SHIB) has shown resilience, prompting investors to ask: "Will Shiba Inu hit $1 in 2024?" Over the past two months, SHIB's price has dropped by 20%, but it has still managed an impressive 80% growth over the last year, fueled by the ongoing meme coin frenzy. While SHIB has been performing relatively well in line with broader market trends, the question remains whether it can achieve the elusive $1 mark in 2024.
Meme Coin Hype Drives Shiba Inu's Price
Shiba Inuâs price has surged alongside a broader rally in meme coins like PEPE, WIF, BONK, FLOKI, and BRETT. Despite recent market downturns, interest in meme coins has seen a resurgence, with initiatives such as Shibburn and advancements in Shibarium suggesting that SHIB may continue to see price gains in the near future.
One of the key developments for Shiba Inu is the introduction of its own Decentralized Autonomous Organization (DAO). This DAO is intended to give SHIB holders more control over the direction of the project, ensuring it remains aligned with its foundational principles. However, despite this significant announcement, SHIBâs price hasnât seen much movement and continues to lag behind other meme coins.
Currently, SHIB is trading around $0.00001462, after fluctuating between $0.00001438 and $0.00001504 over the past 24 hours. Despite the market's challenges, SHIB has managed to maintain its position above critical support levels.
SHIB Price Outlook: Can It Rebound Beyond $0.000015?
Shiba Inu's price is at a pivotal point in the market. If the downtrend continues, it could fall below the current support level of $0.00001455, potentially dropping as low as $0.00001. To reach $1 from this level, SHIB would need an extraordinary rally of approximately 2800%.
Technical indicators on the 4-hour chart for Shiba Inu show recent price fluctuations within a narrow range. The Awesome Oscillator (AO) beneath the price chart indicates a shift from bullish to bearish momentum, with green bars giving way to red, signaling decreased buying pressure.
The Market Value to Realized Value (MVRV) ratio for SHIB, as shown in the chart, peaked in early March, suggesting a period when selling would have been profitable for the average investor. After this peak, the ratio dropped sharply, indicating that market value had fallen below initial purchase prices. While the ratio has shown some recovery recently, it remains well below its earlier highs, suggesting that market values have not yet returned to their previous peaks.
On the upside, a surge in buying pressure could push Shiba Inuâs price beyond the resistance at $0.000015. Should this bullish scenario unfold, targets of $0.000017 and $0.00002 could be achievable in the near term.
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,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.â