TradeCityPro | SHIBUSDT $1 Target ?
👋 Welcome to the TradeCityPro channel!
Let’s analyze Shiba, one of the most famous meme (shitcoins) in cryptocurrency, which has changed many lives for better or worse to see if it can reach $1.
🌐 Overview Bitcoin
Before analyzing today’s altcoin, let’s take a look at Bitcoin on the one-hour timeframe. It is breaking the 96,330 support, and if our RSI enters the oversold zone, we might see a move down to the 92,701 support.
Along with this, one of the scenarios I mentioned last night is playing out—Bitcoin dominance is increasing as Bitcoin drops. Even though I personally feel this dominance increase is fake, it will still lead to further declines in altcoins.
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What is Market Cap?
Before starting the analysis, I want to clarify the concept of market capitalization. Market cap refers to the total value of a cryptocurrency in the market and is calculated using the formula:
Circulating supply × current price
For example, if a cryptocurrency has 100 million coins in circulation and each coin is worth $5, its market cap would be $500 million.
Market cap determines a project’s dominance and size, helps compare cryptocurrencies, and serves as a measure of risk and growth potential. High market cap projects have lower risk but grow slower, while low market cap projects carry more risk but have higher growth potential.
Why am I explaining this? So that you understand how to verify if someone claims that Shiba will reach $1. Look at its token supply and market cap. A simple calculation shows that for SHIB to reach $1, its market cap would need to be $589 trillion while the total market cap of gold is only $19 trillion! Don’t fall for misleading advertisements, stay informed!
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Weekly Timeframe
Like most crypto coins, SHIB spent a long time inside its weekly range, with the upper limit at 0.00001171. After spending 620 days inside this range, it finally broke out with higher lows and momentum, starting an uptrend.
After this rare bullish move, SHIB hit 0.00003279, rejected from it, and retraced to the 0.00001296 support. It then moved back up but got rejected from the same resistance, reinforcing its importance and forming an equal high, which can be seen as a double-top pattern.
This double-top pattern, which is well-known and widely used, is typically a bearish signal indicating a trend reversal. However, we cannot officially call it a double-top until the 0.00001296 support is broken. That’s why I haven’t drawn it yet.
If 0.00001296 breaks, the double-top target will be its risk-to-reward ratio of 1, meaning we could see a move down to 0.0000067.
For buying, I will never buy SHIB, no matter how much profit it makes. If I want to speculate on shitcoins, I’ll go for ones with lower market caps. And remember, if a shitcoin is meant to make you rich, it will do so even with just $10, so you don’t need a large investment :))
For selling, I suggest exiting below 0.00001296, at least temporarily. Later, if the trend turns bullish, you can buy back the same amount of USDT, potentially avoiding further downside.
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Final Thoughts
Stay calm, trade wisely, and let's capture the market's best opportunities!
This analysis reflects our opinions and is not financial advice.
Share your thoughts in the comments, and don’t forget to share this analysis with your friends! ❤️
