A TradingView analyst discusses the challenges preventing Shiba Inu (SHIB) from reaching $1, using market data and technical analysis.
Market Cap Challenges to $1
The vast circulation of SHIB creates a major hurdle for achieving a $1 valuation. To do so, SHIB’s market cap would need to rise to $589 trillion. The analyst compares this to gold's $19 trillion and Bitcoin's $1.66 trillion market caps, noting the unrealistic nature of such expectations.
Market Influences and Volatility
The analyst examines Bitcoin's role in SHIB's price trends. Historically, altcoins like SHIB face downward pressure as Bitcoin declines, with current forecasts suggesting possible further SHIB price drops. Investors often shift to Bitcoin in uncertain times, reducing demand for altcoins.
Technical Analysis and Current Performance
Technically, SHIB is showing negative patterns like a double-top formation. If current support levels are broken, further declines are expected. At the time of writing, SHIB trades at $0.00001267, reflecting a 3.87% decline over the past 30 days.
Despite SHIB's popularity, the analyst remains skeptical about its long-term value. Investors are advised to carefully assess market fundamentals before acting on such predictions.
