Shiba Inu (SHIB) has been testing a critical support level since Tuesday, hinting at a potential turning point for the meme coin. The price action follows a period of market uncertainty, intensified by Donald Trump’s inauguration, which notably avoided mentioning cryptocurrency. Could this pivotal moment signal a chance for SHIB to bounce off this support and trigger a rally capable of driving the price up by 100x?
Shiba Inu Price Performance Shows Promise Amidst Challenges
Despite outperforming many altcoins during its initial surge, Shiba Inu’s price performance has been lackluster compared to other major cryptocurrencies like Bitcoin and Ripple. After reaching a high of $0.00004560 in March 2024, SHIB’s value plummeted to $0.0000108 by August due to the crypto winter.
Recovery attempts in September faced resistance around $0.00003340, resulting in a sharp 38% decline. The fall coincided with a rise in investor interest in newer meme coins, particularly within the Solana ecosystem, including assets like Fartcoin and Pudgy Penguins. Additionally, Shiba Inu’s struggles have been compounded by falling transaction fees on the Shibarium network, negatively impacting the SHIB burn rate.
Could SHIB Price Surge 100x?
At its current price of $0.00002075, a 100x increase would bring SHIB to $0.0002, marking an 870% surge. While such a dramatic move may seem far-fetched, history shows that parabolic gains are possible in the cryptocurrency space, as demonstrated by other meme coins. In fact, Shiba Inu has already surged more than 5,146% from its all-time low, highlighting the potential for future growth.
If SHIB were to achieve a 100x rally, its market cap would skyrocket from $12 billion to almost $120 billion. This would place it among the top-performing cryptocurrencies like Bitcoin, Ethereum, and Solana, demonstrating the possibility for Shiba Inu to reach new heights.
Shiba Inu Price Forecast and Technical Outlook
On the technical front, SHIB’s weekly chart reveals a recent decline after peaking at $0.000033. However, the price has managed to stay above the 50-week Exponential Moving Average, suggesting potential support. Furthermore, a falling wedge pattern is forming, with converging trendlines signaling a possible breakout.
Should SHIB rally, key targets include the November high of $0.00003340 and the March high of $0.0000455. A drop below the critical support at $0.00001565 would invalidate this bullish outlook, leaving the future of Shiba Inu uncertain.
With momentum building, SHIB may still have the potential for a massive rally. Only time will tell whether this meme coin can defy expectations and deliver the 100x return that many investors are eagerly anticipating.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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