Shiba Inu (SHIB) is currently outperforming the top 10 cryptocurrencies by market cap in the daily charts. According to CoinGecko’s SHIB data, Shiba Inu’s price has experienced a rally of 4.2% in the last 24 hours, reclaiming the $0.000008 price level. However, despite the gains, the asset is still trading in the red zone in the other time frames. SHIB’s price is down 1.9% in the last week, 10.9% in the 14-day charts, 18.8% over the previous month, and 65.8% since November 2024. Given SHIB’s recent gains, let’s discuss if the coin can rally further and delete a zero this week.
Can Shiba Inu’s Price Rally This Week and Delete a Zero?
The cryptocurrency market has seen some relief over the last few days. Bitcoin (BTC) has reclaimed the $87,000 price level after its recent descent to the $82,000 mark. Bitcoin’s (BTC) rally may have led to other assets registering gains. Shiba Inu (SHIB) could delete a zero from its price if BTC sustains its rally.
The rally over the last few days could be due to investors buying the dip. The crash was likely due to macroeconomic uncertainty, but the low prices may have prompted some market participants to buy crypto assets for cheap.
According to CoinCodex analysts, Shiba Inu (SHIB) will make consistent gains over the coming weeks. The platform anticipates the asset to delete a zero by December end. According to CoinCodex, SHIB will hit $0.00001008 on Dec. 24. Hitting $0.00001008 from current price levels will entail a rally of about 26%.
Also Read: Shiba Inu’s Crash Nears a Turning Point as Charts Shift Quietly
However, despite the bullish outlook, there is also a chance that Shiba Inu (SHIB) will continue to stagnate over the coming weeks. The crypto market is still quite fragile, and volatility is still high. Moreover, macroeconomic worries continue to loom over investors. How the market moves is yet to be seen.