The US Presidential election is just a little over two weeks away. The election result will most likely impact the cryptocurrency and stock markets. Many analysts anticipate the cryptocurrency market will rally if Donald Trump wins, given his pro-business and pro-cry[tp stance. Let’s discuss how high Shiba Inu (SHIB) may go if Trump takes charge of the Oval Office.
Also Read: Dogecoin Rises 17% After Musk Tweet: Should You Buy DOGE?
Potential Impact Of Trump’s Victory On SHIB’s Price
SHIB’s Recent Performance And Resistance Levels
SHIB has displayed robust growth over the last few weeks. The asset is up by 2.5% in the daily charts, 11.4% in the weekly charts, 13.8% in the 14-day charts, 40.5% over the previous month, and 171.5% since October 2023. Despite the healthy rally, SHIB struggles to break past the $0.00002 resistance level.
How High Will Shiba Inu Go If Donald Trump Wins The Election?
CoinCodex analysts anticipate Bitcoin (BTC) to surge to an all-time high of $86,715 on Nov. 5, 2024, the day of the US elections, but expect SHIB to trade at $0.00001741. Reaching $0.00001741 from current price levels will translate to a dip of about 7.2%.
Also Read: How to Get Cardano Testnet Tokens?
Standard Chartered’s Prediction And SHIB’s Potential Growth
Standard Chartered recently released a report claiming that if Donald Trump wins the US Presidential elections, Bitcoin (BTC) could surge to $125,000. If Bitcoin (BTC) hits $125,000, it will translate to a rally of about 84.49% from current price levels.
Also Read: Ethereum: Is $3,000 ETH Still Possible for 2024?
Let us assume that SHIB will also grow at the same rate as BTC if Donald Trump wins the upcoming elections. In such a scenario, SHIB’s price will hit $0.00003461, a new yearly high. There is a possibility that the dog-themed cryptocurrency will go higher than anticipated, given favorable market conditions. SHIB’s price could also face a correction if investors do feel confident about the American leadership.
Credit: Source link