The memecoin sector of the crypto universe has frequently surprised the community by delivering unrealistic gains to its investors by viral memecoins. Following this, memecoin enthusiasts often wonder if top assets like Shiba Inu (SHIB) could potentially achieve an impossible milestone price like the bluechip cryptocurrencies.
Can Shiba Inu Coin Price Record a 1000x Rally?
At the time of writing, the Shiba Inu price is exchanging hands at $0.00001439 with a market capitalization of $8.47 billion. With a long way away from the $1 mark, this memecoin price would require impractical funding support to achieve the desired price target.
In order for the SHIB price to achieve the 1000x surge, the required market cap would exceed $8.47 trillion. However, at the moment, this target seems unachievable owing to SHIB’s large supply and token dynamics.
With this, the question of the hour arises, How high can Shiba Inu coin price really go? Let us now find out the possible short-term SHIB price prediction.
How High Can The SHIB Memecoin Realistically Go?
With a drop of approximately 2% in 24 hours, the Shiba Inu coin has failed to retest its important resistance zone of $0.0000150. With this, the market capitalization of this memecoin has plunged to $8.381 billion and a market dominance of 0.2539%.
The Relative Strength Index (RSI) is on the path of retesting its neutral point in the daily time frame. However, its average trendline is constantly rising, suggesting a mixed price action for the second largest memecoin in the cryptocurrency market.
The Cross EMA 50-day acts as a strong support to the SHIB memecoin price chart in the 1D time frame with its 200-day EMA acting as a resistance around the $0.000016 mark. This highlights an increase in the price action for the altcoin.
Will SHIB Price Rise Again?
The price of SHIB crypto could retest its immediate resistance level of $0.00001525 if the bullish sentiment sustains. Moreover, its upper resistance level of $0.000020 could be achieved if the crypto market experiences increased adoption or accumulation in the whale/institutional wallets.
On the other hand, the memecoin could plunge toward its support trendline if the odds turn in favor of the bears. Furthermore, the Shiba Inu price may crash toward its crucial support zone of $0.000011 if the bulls fail to regain control over the crypto market.
Also Read: Memecoin Mania: Top 5 Tokens Swapped on Uniswap Wallet
Disclaimer: The information provided here is not financial advice, it is for information purposes only. Please take help from a licensed financial investor before taking any decisions.
