Shiba Inu (SHIB) is struggling to overcome the $0.000025 barrier. The asset has faced a 2.3% correction in the daily charts and a 2.4% correction over the previous week. Nonetheless, SHIB has rallied by 0.5% in the 14-day chart and 6.6% over the previous month. Moreover, SHIB’s price has risen by 218.7% since June 2023.
Also Read: Shiba Inu: Early Investor Buys $3.8 Million SHIB, Price Jumps 10%
The latest dip could be due to worries about the US economy. Inflation in the US continues to remain above the Federal Reserve’s 2% target. Traders’ expectations of an interest rate cut early in 2024 have faded. However, market participants anticipate a rate cut in November, which could lead to an increase in sentiment.
Will Shiba Inu (SHIB) hit $0.000031?
Although SHIB is struggling to overcome the $0.000025 barrier, many analysts anticipate the asset to hit new highs very soon.
Also Read: Shiba Inu: $100 Weekly Since Launch Turns to $594 Million in 2024
According to CoinCodex, SHIB could surge to $0.00003107 on Sunday, June 9, 2024, a rise of about 21.32% from current levels. Furthermore, the platform predicts SHIB to hit a new all-time high of $0.00008723 on July 3, 2024. Hitting $0.00008723 from current levels would translate to a growth of about 240.6%.
Also Read: ChatGPT 4o Shares 2 Factors That Can Push Shiba Inu Above $0.0001
Changelly also paints a bullish picture for Shiba Inu (SHIB) over the next few weeks. The platform predicts SHIB to breach the $0.00003 level this week, hitting $0.00003105 on Sunday, June 9, 2024. Furthermore, the platform anticipates SHIB to hit a new peak of $0.00008766 on July 3, 2024.
Telegaon, on the other hand, does not expect SHIB to hit a new all-time high this year. The platform predicts SHIB to hit a maximum price of $0.0000601 in 2024.
Credit: Source link