The cryptocurrency market seems to be bouncing back from the recent sell-off. Bitcoin (BTC) has risen 4% in the daily charts on Monday, currently trading at just over $63,000. Shiba Inu (SHIB) also shows recovery signs, rallying 3.3% in 24 hours and 2.4% in the weekly charts. The popular dogcoin continues to glow red in the 14-day and monthly charts, falling 14.8% and 31.3%, respectively.
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The recent rebound could be because of investors returning to spot BTC ETFs. There is also a possibility of Ethereum ETFs launching this month. Other positive developments include VanEck applying for a Solana ETF, which may have boosted investor sentiment.
How high will Shiba Inu rise in July 2024?
CoinCodex data tells us that SHIB may rally to $0.00003857 this week. Reaching $0.00003857 from current levels would entail a growth of about 122.5%. The platform does not anticipate SHIB’s price to hold at 0.00003857, predicting a correction soon after. CoinCodex expects SHIB to fall to around current levels and consolidate for the remainder of the month.
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Changelly has given a similar forecast for Shiba Inu. The platform expects SHIB to rise to $0.00003752 on July 5, 2024 but may fall to as low as $0.00001588 on July 28, 2024.
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The anticipated increase in value could be the result of investors’ excitement over the expected early-July launch of an Ethereum ETF. SHIB and other altcoins could see a sharp increase in value if an Ethereum ETF causes a substantial influx of capital into the cryptocurrency market. Anticipations of a Federal Reserve interest rate reduction might also potentially elevate market sentiment, resulting in increased allocations to high-risk assets.
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