Predicting the Price of Shiba Inu: Will the Price of Shiba Inu Reach 1 Dollar in the Next 30 Days?

Shiba Inu (SHIB) has become the talk of the town in the cryptocurrency world, and for good reason. With its playful charm and loyal community, SHIB has shown impressive resilience and growth over time. Now, the buzz is louder than ever as analysts point out a rare cup and handle pattern forming over three years - a sign of potential price momentum. But will SHIB really reach the miraculous $1 mark in just 30 days? In this Shiba Inu price prediction article, we'll analyze technical signals, market trends, and what this means for SHIB holders. Fasten your seatbelts; this will be an exciting journey. How has the price of Shiba Inu changed recently?

The price of Shiba Inu (SHIB) is currently 0.00002857 dollars, with a 24-hour trading volume of 1.05 billion dollars, a market capitalization of 16.84 billion dollars, and a market dominance of 0.46%. In the last 24 hours, the price of SHIB has increased by 3.56%. The all-time high token price reached $0.00008819 on October 28, 2021, while the all-time low was recorded on November 28, 2020, at $0.0000000005637. Since the peak, the lowest SHIB price is $0.000005821 (cycle low) and the highest recovery level from that low is $0.00004501 (cycle high). The current sentiment around SHIB is neutral and the Fear & Greed Index is showing a level of 83, indicating extreme greed in the market. The circulating supply of Shiba Inu is 589.26 trillion SHIB, close to the maximum supply of 589.74 trillion SHIB. The annual inflation rate of the supply is slightly negative at -0.02%, with a decrease of 90.17 trillion SHIB over the past year. Can Shiba Inu (SHIB) reach $1 in the next 30 days? The idea of Shiba Inu reaching $1 in the next 30 days is quite ambitious, but let's analyze and consider both technical signals and market momentum while understanding the significant leap needed to achieve such a price milestone. The famous cryptocurrency analyst 'CryptoELITES' has highlighted a cup and handle pattern forming on the weekly candlestick chart of Shiba Inu over the past three years. This pattern is widely regarded as a strong bullish indicator, often signaling the continuation of an uptrend. According to the analyst, the next key price targets for SHIB are $0.000085171, $0.000183312, and finally $0.000472905. These forecasts, especially the target of $0.000472905, represent a staggering 1,700% increase compared to the current price of SHIB, which is $0.0000268. The main driver for this price increase is the ability to break the downward trendline, which has acted as a resistance level since October 2021. Continuing the bullish sentiment in the altcoin market, along with the diminishing dominance of Bitcoin, could bring SHIB closer to these targets. The analyst links this potential price increase with the collapse in Bitcoin's dominance, which will allow more capital to flow into altcoins like SHIB. Bitcoin's dominance has recently dropped from 61.53% to 57.17%, indicating a slow but steady capital rotation into other cryptocurrencies. If this trend continues, it could provide the fuel that SHIB's price needs to sustain a significant increase. However, to achieve 1 dollar will require more than just a favorable model or market conditions. It involves overcoming extreme pricing challenges, as explained below. With the current price of 0.0000268 dollars, for Shiba Inu to reach 1 dollar, its price would need to increase by approximately 3,731,343%. To understand more clearly: The current market capitalization of SHIB is $16.84 billion. If SHIB reaches $1 with the current circulating supply of 589.26 trillion tokens, its market capitalization will soar to $589.26 trillion. This figure is about five times the world's GDP - an unreasonable scenario in the current economic context. A large price increase will require a significant reduction in circulating supply. Even with strong money burning rates, achieving a low enough supply to support a $1 price is still very unlikely to occur within 30 days. Although $1 may not be reached soon, the prediction of $0.000472905 by CryptoELITES is much more realistic and in line with technical signals. Achieving this goal will depend on: Sustainable price increase momentum in the cryptocurrency market in general. The sharp decline in the dominance of Bitcoin has led to a significant capital shift towards altcoins. Increased community participation, use cases, and token burning for supply management. If these factors align, SHIB could achieve impressive gains in the coming weeks, but the $1 target remains out of reach in the current market momentum. Instead, investors should focus on achievable milestones and monitor SHIB's price behavior at key resistance levels, especially around $0.000085171 and $0.000183312. DYOR! #Write2Win #Write&Earn $SHIB {spot}(SHIBUSDT)