Shiba Inu (SHIB) has witnessed a significant correction over the last few weeks, falling 2.3% in the weekly charts and 12.3% in the 14-day charts. However, the popular dog-themed cryptocurrency has rallied by 196.4% over the previous and 161.4% since March 2023.
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SHIB’s latest correction could be due to Bitcoin (BTC) falling below $62k last week, fuelled by fears of the Federal Reserve postponing rate cuts and low inflows into spot BTC ETFs (Exchange Traded Funds).
Can Shiba Inu (SHIB) hit $0.00003 by Good Friday?
According to CoinCodex, Shiba Inu’s (SHIB) price will rally over the next few weeks. The platform predicts SHIB to hit $0.00003357 on Good Friday, Mar. 29, 2024. Hitting $0.00003357 from current levels would translate to a growth of about 20.02%. Moreover, CoinCodex anticipates SHIB to continue its bullish trajectory throughout April, hitting $0.00007589 on Apr. 16, 2024, a rise of over 171% from current levels. Furthermore, the platform predicts SHIB to hit a new all-time high in May of this year.
Changelly also anticipates a bullish outlook from Shiba Inu (SHIB) over the next few weeks. The platform predicts SHIB to hit $0.00003887 on Good Friday. Moreover, Changelly forecasts the popular crypto to hit a new all-time high in April, hitting $0.00008787 on Apr. 19, 2024. Reaching $0.00008787 from current levels would translate to a growth of over 214%.
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SHIB’s predicted April rally could be due to Bitcoin’s (BTC) halving next month. The event may trigger another rally for the crypto market, sending many assets to new highs. Furthermore, the SHIB team is working on a new burn mechanism, rumored to burn trillions of tokens yearly. The new mechanism could further push SHIB’s price to new highs.