Shiba Inu price has crashed to a crucial support level as the crypto market downturn continued. SHIB token fell to $0.000012, marking a 63% decline from its November peak of $0.00003340 and an 86% drop from the all-time high. So, will the coin bounce back and hit $1 over time?
Can Shiba Inu Price Rise to $1?
SHIB price was trading at $0.000012 on Friday, meaning it needs to increase by more than 8.3 million percent to reach $1. Such a rise would result in a market cap exceeding $600 trillion.
Cryptocurrencies are known for going parabolic at times. However, an 8.3 million percent surge seems highly unachievable. Also, a $600 trillion market cap is largely unheard of since the IMF predicts that the world economy has a GDP of over $120 trillion.
If Shiba Inu’s price surged to $1, it would likely indicate that other cryptocurrencies might also perform well, as the industry often moves in unison. Consequently, a $600 trillion valuation for Shiba Inu would likely elevate the total market valuation beyond a quadrillion, which is implausible. Therefore, the Shiba Inu price is unlikely to ever surge to $1, let alone by 2030.
READ MORE: Buy, Sell, Hold? XRP Price Prediction Reveals Key Targets
SHIB Price Short-Term Forecast
Shiba Inu price chart | Source: TradingView
The short-term outlook for Shiba Inu’s price appears highly bullish. The daily chart above shows that the coin has formed a giant quadruple bottom pattern at $0.00001230. This pattern occurs when an asset fails to move below a key support level about four times. It also features a neckline positioned at $0.00003340.
Further, the SHIB price has formed a falling wedge pattern, comprising two descending and converging trendlines. It has already moved above the upper side of the wedge, pointing to a strong bullish breakout in the coming weeks.
Shiba Inu price is also forming a small double-bottom pattern with a neckline positioned at $0.00001567. Hence, the coin is expected to rebound soon and reach the resistance level at $0.00002610, corresponding to the 50% Fibonacci Retracement, approximately 112% above the current price.
However, a drop below the crucial support level at $0.00001230 will invalidate the bullish Shiba Inu price forecast. A drop below that level will point to more downside to the psychological point at $0.000010.
READ MORE: Pi Network vs Bitcoin: One is a Much Better Coin to Buy Now
