The price of Shiba Inu remains under pressure as its daily trading volume and futures open interest continue to drop. SHIB has collapsed by about 50% from its highest level in 2024, costing crypto investors billions.
So, can the coin rebound and hit the important resistance at $1?
Is a $1 Surge for Shiba Inu Possible?
The cryptocurrency industry has proved that anything can happen. Bitcoin has moved from less than $1 in 2009 to over $109,200 earlier this year. Most recently, the Mantra token soared to $6.5 from last year’s low of $0.1.
Therefore, some Shiba Inu token holders believe the coin can rebound and hit the resistance at $1. This would be a big deal for the coin, as it would mean surging by over 9 million percent from its current level.
Shiba Inu has a circulating supply of over 598 trillion and a current market cap of over $9.8 billion, making it the second-biggest memecoin in the industry. Moving from the current $0.000016 to $1 and excluding its burn rate would increase its market cap to $589 trillion.
That is a big number, considering the world’s Gross Domestic Product (GDP) is $105 trillion. As such, the staggering number means that the price of a Shiba Inu is highly unlikely to reach $1 in the long term.
How High Can Shib Price Get In the Long Term?
The weekly chart shows that the Shiba Inu price will likely continue to rise in the long term. It recently crashed to a low of $0.0000115 last week. This was notable since it coincided with the lowest swing since May 2021.
Shiba Inu has also formed a doji candlestick pattern, characterized by a small body and lower and higher shadows. It is one of the most bullish candlestick patterns in the financial market.
There are signs that Shiba Inu has bottomed at $0.00001140 and whose neckline is at $0.00003325. A double-bottom is a highly popular bullish chart pattern.
Therefore, the SHIB coin price will probably rebound as bulls target the 50% Fibonacci Retracement level at $0.00004710, about 176% above the current level.
A move above that level means the coin will soar to a record high of $0.000088, up by 420% from the current level. However, dropping below the support at $0.00001140 will invalidate the bullish view.
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