Shiba Inu Price Prediction as SHIB Fans Target $1 Level – Can SHIB Overtake Dogecoin?

cryptonews.com:

Shiba Inu (SHIB), a meme coin that has captured the attention of the cryptocurrency market, experienced a notable increase of 10.17% over the last 24 hours, bringing its price to $0.000022.

This movement has pushed its market capitalization to $12,968,327,843, ranking it 11th on CoinMarketCap.

With a circulating supply of over 589 trillion SHIB coins, the market’s enthusiasm for this asset remains high, despite the lack of a maximum supply limit.

The analysis of Shiba Inu’s 4-hour chart reveals key price levels that are critical for understanding its short-term trajectory.

The pivot point, established at $0.000021, serves as a baseline for the current trading range. Resistance levels are set at $0.000024, $0.000026, and $0.000028, marking potential hurdles for SHIB’s upward movement.

Conversely, support levels at $0.000019, $0.000018, and $0.000017 provide areas where price declines may find a floor.

Technical indicators further illuminate SHIB’s market position. The Relative Strength Index (RSI) at 71 indicates a strong buying interest among investors, albeit nearing overbought territory.

#Shiba analysis shows critical levels for its trajectory. Pivot at $0.000021 sets the stage, with resistance up to $0.000028. RSI at 71 signals high interest, while 50 EMA indicates ongoing bullish momentum. Watch for a potential breakout above $0.0000237 for further gains. pic.twitter.com/VkG8AisiAr

— Arslan Ali (@forex_arslan) March 3, 2024

Meanwhile, the 50-Day Exponential Moving Average (EMA) at $0.000014 underscores a bullish undertone, reflecting the asset’s sustained upward momentum over recent weeks.

Shiba Inu’s price action has encountered resistance at the $0.0000237 level, completing a 23.6% Fibonacci retracement at around