Shiba Inu (SHIB) Price Prediction: Can SHIB Hit $0.001 in the Next 45 Days?

Shiba Inu price could be on the verge of a major rebound as macro factors flip bullish. US inflation fell to 2.8%, which is lower than market expectations

Shiba Inu price has been slowly gaining momentum in 2024, as broader crypto market trends shift positive and macro factors begin to favor digital assets. Rising prices have fueled speculation about whether it can hit the highly anticipated $0.001 mark in the next 45 days.

SHIB has staged an impressive 7% gain today, March 12, and trades at $0.0000124. With rising prices and the broader crypto market trend shifting positive, can SHIB price rebound and possibly target $0.001 in the next 45 days?

Is $0.001 Possible for Shiba Inu Price in the Next 45 Days?

Shiba Inu price could be on the verge of a major rebound as macro factors flip bullish. US inflation fell to 2.8%, which is lower than market expectations and could lead to a pause in the Federal Reserve’s interest rate hikes next week.

If the Fed trims rates from the current range of between 3.75% and 4.00%, it could drive a parabolic rally for Shiba Inu price and possibly lead to a rally towards $0.001.

A rapid surge in the SHIB burn rate could also drive such a parabolic rally. However, at press time, the burn rate was down 65%, as fewer tokens were being removed from the circulating supply.

But as Shibarium approaches a crucial milestone, this burn rate could surge significantly and lower the total supply, leading to a significant upswing for Shiba Inu price.

Social metrics platform LunarCrush has also noted that meme tokens such as Shiba Inu have seen a significant increase in social mentions. Per the platform, SHIB mentions rose by 4,300, presenting a 333% surge over the last 24 hours.

Mapping SHIB’s Path to $0.001

Shiba Inu price faces key technical barriers on its path to $0.001, with its massive 587 trillion token supply making such a rally difficult. If SHIB were to hit this target, it would surpass Ethereum in market cap, becoming the largest altcoin. However, institutional interest remains low, and no SHIB ETF filings have been made yet. This limits the potential for widespread adoption.

Moreover, current market conditions suggest that Shiba Inu price is highly unlikely to reach $0.001 within the next 45 days. The weekly Relative Strength Index (RSI) sits at 37, signaling bearish momentum and oversold conditions for SHIB. With buying pressure lacking, SHIB faces significant technical hurdles in achieving sustained gains.

However, the on-balance volume (OBV) indicator shows a bullish divergence as it remains elevated despite the price drop. This suggests that panic selling is driving the price down rather than a bearish shift in the market sentiment.

Even if buying pressure resumes, a more realistic target for a Shiba Inu price prediction in the next 45 days is the 476.4% Fibonacci level of $0.00039.

To sum up, a Shiba Inu price rally to $0.001 in the next 45 days is possible but not likely. If the SHIB burn rate were to suddenly increase rapidly and institutions show interest in a SHIB ETF, then such gains could be realized.