Despite Bitcoin (BTC) plummeting to sub $58,000 levels, Shiba Inu (SHIB) is on the greens. SHIB is up by 4.5% in the daily charts, 0.9% in the 14-day charts, and over 122% since May 2023. However, the asset has dipped 12.5% in the weekly chart and 19.4% over the previous month.
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The latest market dip is likely due to US authorities sentencing Binance chief Changpeng Zhao (CZ) to four months in prison. CZ pleaded guilty to money laundering charges last year.
However, according to renowned crypto analyst Ali Charts, SHIB might be gearing up for another rally.
Shiba Inu (SHIB) to hit $0.000072
According to a recent X post by Ali Charts, SHIB is forming a bull flag on the daily chart. The analyst says a bullish breakout could send SHIB to $0.000072323. Ali Chart also informed his followers that he would place buy orders at around $0.000018343.
Reaching $0.000072323 from current levels would translate to a growth of about 227%.
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CoinCodex also paints a bullish picture for Shiba Inu (SHIB). The platform anticipates SHIB to hit $0.00007450 by May 30, 2024. Reaching $0.00007450 from current levels would translate to a growth of about 237%.
Changelly also predicts SHIB to rally over the next few weeks. The platform expects SHIB to hit $0.00007881 on May 29, 2024. Reaching $0.00007881 from current levels would translate to a growth of about 256.6%.
The positive sentiment around Shiba Inu (SHIB) could be due to expectations of a market rebound. Many analysts anticipate BTC to reclaim its all-time high soon, given that the asset recently underwent its halving cycle. Historically, the crypto market has rallied after every BTC halving event.