Despite a 3.9% rally over the last week, Shiba Inu’s (SHIB) price continues to struggle across all fronts. The asset is down 2.9% in the daily charts, 15.6% in the 14-day charts, and 17.6% over the previous month.
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The current market dip is likely due to macroeconomic headwinds and a stricter regulatory stance from the SEC (Securities and Exchange Commission). Speaking on CNBC, SEC Chair Gary Gensler said almost all cryptocurrencies ‘are securities under the law of the land, as interpreted by the U.S. Supreme Court.‘
Shiba Inu price prediction for mid-May 2024
CoinCodex paints a bullish picture for SHIB in May. The platform anticipates SHIB to surge to $0.00003456 on May 15, 2024. Reaching $0.00003456 from current levels would translate to a growth of nearly 50%.
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Furthermore, CoinCodex anticipates SHIB to hit a high of $0.00006359 this month. Reaching $0.00006359 from current levels would translate to a growth of about 175%. CoinCodex also anticipates SHIB to continue its bullish trajectory in June.
Changelly also anticipates Shiba Inu (SHIB) to rally this month. The platform anticipates SHIB to hit $0.00003281 on May 15, 2024. Moreover, Changelly also anticipates SHIB breaching the $0.00006 level, reaching $0.00006696 on May 28, 2024. Hitting $0.00006696 from current levels would translate to a growth of over 190%.
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The positive outlook around SHIB could be due to Bitcoin (BTC) recently undergoing its halving. The cryptocurrency market has historically rallied after every BTC halving event. Many analysts anticipate a similar pattern this time around. Some analysts anticipate BTC to hit a new all-time high later this year. A BTC rally will likely lead to a market-wide price surge.