After DOGE's 200% Rally, can the price of a Shiba Inu reach $1?

DOGE's Impact: Given their parallels, Dogecoin's 208% nine-day rally might lead to a comparable spike in Shiba Inu prices.

Technical Analysis: Because of overbought conditions, SHIB may be about to correct from its current oscillation between $0.0000211 and $0.0000295.

Price Targets: SHIB may reach $0.0000295 (41% rise) or $0.0000359 (70% increase) if demand persists; however, a 25% correction may occur if the $0.0000211 support is breached.

Memes are booming as a result of Donald Trump's election as the 47th president of the United States and the resumption of the cryptocurrency boom. The price of Dogecoin, for instance, increased by 208% in just nine days, and the value of numerous other cryptocurrencies based on dogs and cats is also rising. The price of Shiba Inus may be poised for a huge surge in response to this surge in demand. This essay investigates if SHIB may reach $1 following DOGE's 208% increase.

Can the price of Shiba Inus reach $1?

The short answer to the question of whether Shiba Inus can reach $1 is "no." But the answer is more complicated; let's investigate.

As previously stated, memecoins have become highly sought for following the end of the US elections and Elon Musk's involvement in the establishment of the Department of Government Efficiency (D.O.G.E.). Investors can anticipate that Shiba Inu, a closer DOGE competitor, will follow suit after Dogecoin's price surged 208% in just nine days.

But given how far the aim is from the present price, it doesn't seem realistic that SHIB will hit $1. According to Shiba Inu's price estimate as of November 16, it would require a 3,906,150% gain to reach $1.

Technical Analysis of SHIB: What Will Happen to Dogecoin-killer Next?

The price of Shiba Inu is presently fluctuating between the $0.0000211 and $0.0000295 barriers, with the former acting as a level of support. Investors should anticipate a slight drop as the Relative Strength Index (RSI) moves over the overbought level. The price of SHIB has already dropped 17% over the last five days and is probably going to keep falling. A possible increase in bearish momentum and an impending correction are supported by the red histograms that the Awesome Oscillator has generated.

Investors should anticipate that SHIB will return to the $0.0000211 support level if the bearish trend persists. Buyers should gather if there is demand, which would cause a rapid rebound. The next target, $0.0000295, is about 41% away. If the demand continues to pile up with Bitcoin price eying $100k, then Shiba Inu could hit $0.0000359.

This move would make up 70% of the total.

On the other hand, a weakness in demand would be indicated if the value of Shiba Inu broke through the $0.0000211 support level. The bullish thesis will be refuted by such a development, which will also cause a 25% fall to the $0.0000158 support level.

Questions and Answers (FAQs)

1. Can Shiba Inu (SHIB) price hit $1?

It would need to rise 3,906,150% from its current price, which is extremely implausible.

2. Why are meme coins like SHIB and DOGE in high demand?

Demand has increased as a result of Elon Musk's engagement in the "D.O.G.E." project and the end of the US elections.

3. How does the pricing of Shiba Inus look in the near future?

Overbought conditions may cause SHIB to slightly correct, but if demand continues, it may rise again to $0.000029

After DOGE's 200% Rally, can the price of a Shiba Inu reach $1?