Shiba Inu price has been making headlines in recent days as the coin prepares to enter the top 10 cryptocurrencies list. Meanwhile, the token stood out as one of the top stable price gainers in the last week with 277% profits. The meme coin was also one among the top 5 trending coins on Binance with a 45% trading volume. Moreover, on 12th October, SHIB outperformed Bitcoin and led the table of highest Twitter mentions.
Shiba Inu Price Could Leg Up By 500X Yet Again!
Recently, the meme coin recently faced rejection at $0.000035 and entered into a minor retracement phase. The short dip of the coin found its support near $0.000024 and rebounded from it to $0.00003125 at the press time. The altcoin has now entered the decisive phase, it could either break out or break down from here!
By looking at the 4-hour chart, the neckline for the pattern lies at $0.00003527, and huge gains are expected once the price breaks out from here. SHIB’s price could surpass the previous ATH of over $0.4 with possible 100x gains. The price may flip to an immediate support level of $0.00002523 if it falls into a bears trap. The asset is trading at $0.00003131 with 13.63% gains in the last 24 hours.
Why Target $0.1 Could Become Challenge For Shiba Inu?
Speculations and manipulations running around the market believe that Shib mania might end up in short term. According to calculations running around the crypto market, SHIB price is said to be highly overvalued. And few traders are anticipating meme coin to hit $1, which seems to be highly unfeasible.
Well, the total market cap of the entire crypto space stands at $2.32 trillion and Shiba alone holds a $12 million market cap. In order to achieve at least a $0.1 price target, the altcoin should at least hold a $39 trillion market cap, which seems to be quite impracticable to achieve this anytime soon.
Moreover, popular crypto analyst Micheal Burry dismisses Shiba Inu as point-less in long term. He suggested that the coin is not a compelling investment as a huge number of coins are in circulation which limits its price appreciation. On the other hand, Billy Marcus, founder of Dogecoin has responded sarcastically to the sudden price surge of the asset pointing out it as an undervalued asset.
Collectively, Shiba Inu price is presently retesting at a crucial resistance level, break out from here could bring massive short-term gains. In the long term perspective, the future is unclear for the coin. The asset will have to face major challenges in order to achieve new milestones.