Given how the crypto market has been performing recently, investors wonder if Shiba Inu (SHIB) will achieve the $0.00001 mark within the upcoming week.
But SHIB reaching this level will require a pump of more than 17% using its current price of $0.00000851. As such, investors should stay vigilant and conduct more research before making any financial decisions.
Can Shiba Inu Hit $0.00001 Amid Current Market Volatility?
Since the start of the year, Shiba Inu’s price performance has had ups and downs. Even with the top-notch development in the ecosystem, the token is still struggling to grow. For the past 3 months, the native token SHIB is down by 8% despite the launch of Shibarium in August.
The community anticipated this launch of Shibarium to drive SHIB’s price up. But, unfortunately, the reverse happened, and the price went south. However, there’s been an interesting price movement in the last 30 days.
Shiba Inu has been able to sustain its price gains by over 19%. This growth in a shorter timeframe has shown that it’s still possible for the coin to reach $0.00001. On Nov 11, SHIB increased by 16%, reaching a high of $0.0000096.
Later, the price declined. However, this hinted at the possibility of removing one zero soon.
Notably, Shiba Inu hitting the $0.00001 level is likely linked to Bitcoin’s price movement. If Bitcoin reverses its current downward trend, Shiba Inu’s price and trading volume could quickly change direction. This means that Shiba Inu’s progress is still tied to Bitcoin’s outlook.
The good news is that Shiba Inu could break free from this connection soon, especially with the noticeable increase in the project’s burn rate. This change could happen at any time, raising the chances of Shiba Inu moving independently of BTC.
Shiba Inu Price Analysis
In the last seven and fourteen days, SHIB has increased by 2% and 11%, respectively. This shows that the market sentiment is bullish. Also, over the past 24 hours, SHIB has recorded a growth of 2%.
Looking at the SHIB’s chart, the bulls are trying to change the sentiment of the market. If the market closes today on the bullish engulfing candle, it might signal upward momentum.
Moreover, the SMA indicator is a strong support level, keeping the price from dropping more. According to the chart, SHIB is above the SMA indicator. Also, the Relative Strength Index is at 63. This suggests that SHIB is slightly in the overbought zone.
Besides this analysis, other experts are projecting the price of Shiba Inu to increase significantly. Firstly, Changelly anticipates the price of SHIB to reach $0.00010918. XRP hitting this level will represent an increase of 92% from its current price.
Additionally, as predicted previously, SHIB’s price could be traded at $0.0000437 by 2025. Generally, based on the analysis, the price of SHIB can reach $0.00001 in the coming days.