Shiba Inu (SHIB) seems to be making a slight recovery from the recent market correction, although the asset has dipped once again in the last 24 hours. According to CoinGecko’s SHIB data, Shiba Inu is down 0.8% in the last 24 hours, 6% in the 14-day charts, and 24.9% since October 2024. However, SHIB has gained 6.6% in the last week and 0.8% over the previous month. In this price prediction article, let’s discuss if Shiba Inu (SHIB) can finally make a positive movement and hit $0.00003 in October, or as many call it, “Uptober.”
Shiba Inu Price Prediction: Is $0.00003 In The Cards In “Uptober”?
September saw a few sporadic rallies, mostly thanks to the Federal Reserve deciding to cut interest rates by 25 basis points. However, the rally was short-lived. The market faced a major correction by the end of last month. Shiba Inu (SHIB) followed the market trajectory, ending September at $0.000011.
October may allow some breathing room to investors. The month has historically been quite bullish for the crypto market. Moreover, Bitcoin (BTC) is already showing signs of a rebound, having reclaimed the $120,000 mark earlier today. Shiba Inu (SHIB) could rally following BTC’s latest breakout.
Furthermore, the Federal Reserve will likely announce another interest rate cut after its next meeting. Another rate cut could lead to a surge in risky investments. Shiba Inu (SHIB) and other memecoins could benefit from such a development.
Also Read: Buy, Sell, or Hold Shiba Inu? See What Cryptocurrency Experts Say Now
Despite the possible bullish developments in October, CoinCodex analysts are not quite sold. The platform anticipates Shiba Inu’s (SHIB) price to consolidate over the coming week. CoinCodex predicts SHIB to hit a maximum price of $0.00001417 in October.
Hitting $0.00001417 from current price levels will entail a rally of about 13.91%. $0.00003 may be out of the question for the time being.