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The $1 mark is dreamt by almost all Shiba investors and almost everyone has this question that when, if ever will shib reach $1.
In this article today, we will try to answer this question along with the current price analysis and news roundup.
Shiba Inu Price Prediction
SHIB has been holding steady in a narrow range between $0.000008 and $0.00001 for the past week, despite the volatility in the broader crypto market. Shib is having support at the 50-day moving average (MA) and resistance at the 20-day MA.
Let’s have a look at the chart below for price action analysis:
The price is consolidating inside the descending triangle. We have to wait for a successful breakout or breakdown.
The coin is also trading above the 200-day MA, which indicates a long-term bullish trend. The relative strength index (RSI) is hovering around the 50 level. The MACD histogram is slightly positive, indicating some bullish momentum.
Will SHIB Ever Reach $1?
One of the most common questions among SHIB investors is if the coin will ever reach $1 , which would imply a market cap of nearly $1 quadrillion, or more than the combined value of all the world’s assets. The answer, unfortunately, is very unlikely.
SHIB would need to increase by more than 11 million percent to reach $1. Even if SHIBA Inu started growing at same rate as Bitcoin did in its first decade, it would still take more than 100 years to reach $1 .
Therefore, a more realistic target for SHIB investors is to aim for smaller milestones, such as $0.00001 , $0.0001 , or $0.001 in the near future.
Weekly Price Analysis
SHIB has been showing a strong recovery from its 2024 low of $0.00000827 , which it reached on January 18. The coin bounced back by more than 20% in the following days, reaching a high of $0.00001007 on January 21.
The coin has since consolidated in a symmetrical triangle pattern, which could indicate a continuation of the uptrend or a reversal of the downtrend.
Resistance level – $0.000011
Support level – $0.000007 .
News Roundup
Here are some of the latest news headlines related to SHIB:
- Shiba Inu Fuels Optimism As Burn Rate & Shibarium Scale Greater Heights
- Shiba Inu Burn Rate Soars 4200% With Over 410.7 Tln SHIB Removed
- Shiba Inu renews focus on digital identity in Shibarium for 2024
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