With Donald Trump becoming the 47th US president and restart of crypto bull run, meme coins are exploding. For example, Dogecoin price shot up 208% in just nine days and many other dog and cat-based cryptocurrencies are shooting up. With this demand spike, Shiba Inu price could be next in line for a massive rally. This article explores if SHIB can hit $1 after DOGE’s 208% rally.
Can Shiba Inu Price Hit $1?
The short answer to if Shiba Inu price can hit $1 is “no.” However, the answer is not as simple, let’s explore.
As mentioned above, the US elections’ conclusion coupled with Elon Musk’s involvement in the creation of Department of Government Efficiency (D.O.G.E.), memecoins have become extremely sought after. With Dogecoin price shooting up 208% in just nine days, investors can expect Shiba Inu, a closer DOGE competitor, to follow suit.
But SHIB hitting $1 seems unlikely considering how far the target is away from the current price. As of November 16, Shiba Inu price prediction notes that it would need to rally 3,906,150% to hit $1.
DOGE 1-day chart
SHIB Technical Analysis: What’s Next for Dogecoin-killer?
Shiba Inu price is currently oscillating between $0.0000211 and $0.0000295 barriers with the former serving as a support level. With the Relative Strength Index (RSI) going beyond the overbought level, investors can expect a minor correction. SHIB price has already retraced 17% in the past five days and is likely to continue this descent. The Awesome Oscillator has formed red historgrams, supporting a potential spike in bearish momentum and an incoming correction.
If the bearish momentum continues, investors can expect SHIB to revisit the $0.0000211 support level. If there is demand here, buyers should accumulate, leading to a quick bounce. $0.0000295 is the next target and is roughly 41% away. If the demand continues to pile up with Bitcoin price eying $100k, then Shiba Inu could hit $0.0000359.
In total, this move would constitute 70% move.
SHIB/USDT 1-day chart
On the other hand, if Shiba Inu value breaches the $0.0000211 support floor, it would indicate a wekaness of demand. Such a development will invalidate the bullish thesis and trigger a 25% correction to the $0.0000158 support level.
The post Is $1 Possible for Shiba Inu Price After DOGE’s 200% Rally? appeared first on CoinGape.
