Shiba Inu (SHIB) had a bullish few days last week. The asset is up 0.8% in the daily charts, 26.6% in the weekly charts, 38.7% in the 14-day charts, and 35.3% over the previous month. The dog-themed cryptocurrency is also up by 148% since October 2023.
Also Read: US Stock: When Will Amazon (AMZN) Claim Its $265 Share Price Target?
Why Is Shiba Inu Rallying?
SHIB’s latest rally could be due to Bitcoin (BTC) briefly reclaiming the $66,000 mark last week. Investors may have expected a market-wide rally, which, unfortunately, did not happen. Bitcoin (BTC) has since fallen below the $64,000 level.
Also Read: Stay Ahead: Metaplanet’s ¥1 Billion Bitcoin Purchase Explained
Another factor that may have pushed SHIB’s price is analysts’ bullish outlook for October. Historically, October has been a bullish month for the cryptocurrency market.
Can The Memecoin Reclaim $0.00004 In Q4 2024?
According to the analysts at CoinCodex, SHIB will witness a massive price spike in the next few days. The platform predicts the asset to hit $0.00003937 on Oct. 6, 2024. Hitting $0.00003937 from current price levels will translate to a rally of about 113%. Despite the bullish forecast, CoinCodex researchers do not expect SHIB’s price to hold at $0.00003937, predicting a correction back to current levels by Oct. 16, 2024.
Also Read: Top 3 Cryptocurrencies To Watch In Early October 2024
Changelly researchers also paint a similar picture for SHIB. The platform predicts the meme coin to hit $0.00004020 on Oct. 5, 2024. While the growth will be commendable, Changelly does not anticipate the asset to hold its price at $0.00004, predicting a correction to the sub-$0.00002 level by Oct. 16, 2024.
October being a bullish month for crypto could lead to SHIB not facing a correction at all and continuing its rally. How things unfold for the meme coin in Q4 is yet to be seen.
Credit: Source link