Shiba Inu (SHIB) is showing signs of a recovery. The asset is currently outperforming Bitcoin (BTC) in the daily, weekly, and 14-day charts. SHIB’s price has rallied 3.3% in the daily charts, 5.8% in the weekly charts, and 16.7% in the 14-day charts. BTC, on the other hand, is down 0.5% in the daily charts, up 4.4% in the weekly charts, and 8% in the 14-day charts. Despite the rally, SHIB is down 13.6% over the previous month and 51.5% since March 2024.
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Cryptocurrencies Entering Recovery Phase
The crypto market may be entering a recovery phase. Bitcoin (BTC) has reclaimed the $86,000 mark. Shiba Inu (SHIB) fell to the $0.000011 mark earlier this month. The dog-themed crypto has since reclaimed $0.000013.
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The market resurgence comes after the US said it will ease its tariffs. Market participants were weary after the US announced tariffs against multiple countries. The Fed pausing interest rate hikes may have also led to a spike in investor confidence.
Will Shiba Inu Reclaim $0.00002?
According to CoinCodex, SHIB could rally over the coming week. The platform anticipates the asset to hit $0.00002970 on Mar. 28. SHIB’s price will rally by 120.8% if it hits the $0.00002970 target. CoinCodex does not anticipate SHIB’s price to hold at $0.00002970. The platform expects the asset’s price to face a correction soon after hitting $0.00002970.
Given the market recovery signs, there is a possibility that SHIB will continue rallying without facing a correction. SHIB’s price could go even higher if the Fed announces an interest rate cut in its next meeting.
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There is also a chance that Shiba Inu (SHIB) will not rally as predicted. Macroeconomic headwinds continue to present considerable challenges. Investor sentiment has also not fully recovered from the recent market dip.