Can Shiba Inu coin SHIB break through the $1 mark? XRP has done it, can SHIB do it?
Recently, everyone is wondering whether the Shiba Inu [SHIB] coin can rise to $1. You see, XRP has risen, and analysts also say that Dogecoin [DOGE] is also possible.
Then can SHIB keep up? To be honest, from the perspective of supply and global assets, the $1 target is a bit difficult. The total amount of SHIB is 590 trillion. To rise to $1, the market value must be 590 trillion US dollars, which is more than global assets. This is unlikely. However, if SHIB can also break through the suppression of several years like XRP, it may rise again.
Can SHIB really reach $1?
XRP broke through the suppression of 3 years and rose more than 4 times. Now SHIB is a bit similar, and it may break through the suppression of 4 years.
If SHIB really breaks through, according to the triangle pattern, the price may reach $0.000114, an increase of 265%. However, in the short term, it may reach the high point of early 2024, or around $0.000065.
Now the weekly RSI is about to reach the overbought zone, which means that the momentum is strong, but it has not yet overheated. In fact, when SHIB rose in 2021 and early 2024, the RSI exceeded 80. Therefore, SHIB still has room to rise.
Let's talk about the supply of SHIB, which is also affecting market sentiment.
Overall, SHIB still has potential. The current supply has not reached the 220 trillion at the high point in 2021, when the selling pressure was high (red area). Now the supply of exchanges has dropped to 144 trillion, and the selling pressure is small, which is conducive to the rise.
Moreover, meme coins are now gaining more and more attention, and there are more active addresses (white). Although it is not as much as in 2021 or early 2024, the growth trend shows that SHIB demand is recovering and prices may continue to rise.
Overall, both supply and demand make SHIB likely to rise, especially with less selling pressure and more user activity.
For the next layout direction, I will lead everyone to target the profit opportunities of cottages, especially those projects with great potential. There is no problem with the expected space of more than 10 times. If you want to make a lot of money in the bull market, like + leave a message, and take you to layout the entire bull market!
