Shiba Inu (SHIB) remains a topic of speculation among investors, with many hopeful that the meme coin could one day reach the $1 mark. However, a recent assessment from Trade City Pro provides a more realistic perspective, highlighting the key challenges that make this target highly improbable. Currently , the token is consolidating around $0.00001585 during prevailing bearish market conditions. Earlier this month, the token briefly dropped to a yearly low of $0.00001160 before rebounding. Despite struggling to reclaim its 2024 peak of $0.000045, the belief that SHIB could eventually reach $1 persists. CoinW , a top exchange further reinforced this speculation. Token’s Market Cap Limitations Trade City Pro’s analysis argues against the feasibility of the asset hitting $1, primarily due to its extensive token supply. With approximately 589 trillion tokens in circulation, achieving a $1 price would push Shiba Inu’s market capitalization to an astronomical $589 trillion. For context, the total market capitalization of gold is estimated at $19 trillion, while the entire cryptocurrency market currently sits at around $3 trillion. Given these comparisons, the analyst asserts that such a valuation is unattainable under current market conditions. A separate report from The Motley Fool supports this view, reinforcing the idea that SHIB reaching $1 is not realistic. It is important to note that even among those who support the $1 projection, most do not anticipate this happening shortly. Instead, their outlook is based on long-term speculation, often tied to potential token burns and future developments in the ecosystem. Weekly Price Trends Trade City Pro also examined the token’s historical price movements to provide insight into possible future trends. The analyst noted that for 620 days, the token remained within a defined trading range, facing resistance at $0.00001171. When the token eventually broke out of this range, it surged to $0.00003279 before encountering strong resistance and declining. Following this peak, the token retraced to the $0.00001296 support level and made another attempt to rally in December 2024. However, resistance levels held firm, forming an equal high on the weekly chart, which could signal the formation of a double-top pattern. A double-top pattern typically indicates a bearish reversal, suggesting that SHIB may struggle to sustain upward momentum. We are on twitter, follow us to connect with us :- @TimesTabloid1 — TimesTabloid (@TimesTabloid1) July 15, 2023 Despite these concerns, the analyst pointed out a decline in trading volumes during the asset’s most recent correction. This could indicate that selling pressure is weakening, providing some optimism. However, if the token drops below the $0.00001296 support level, it may confirm the bearish pattern and lead to further declines, with a potential target of $0.0000067. Trading Strategy and Investment Outlook When addressing investment strategies, Trade City Pro made it clear that they do not consider SHIB a viable investment. The analyst stated that, despite potential short-term gains, they prefer low-market-cap altcoins for speculative trading. For those currently holding the token, the analyst recommends caution. If the token falls below $0.00001296, investors may want to exit their positions temporarily and wait for signs of renewed bullish momentum before re-entering the market. While SHIB’s recent recovery from $0.00001160 to $0.00001603 shows resilience, the broader market trend will ultimately determine its next move. Overall, while Shiba Inu remains a highly speculative asset with a strong community, the likelihood of it reaching $1 remains extremely low based on current market dynamics . Investors should carefully consider the fundamental challenges before making decisions based on unrealistic expectations. Disclaimer : This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses. Follow us on Twitter , Facebook , Telegram , and Google News The post Analyst Evaluates Shiba Inu’s (SHIB) Path to $1 appeared first on Times Tabloid .
