The cryptocurrency market seems to have entered another slump, with Bitcoin (BTC) falling to just above $61,000. Shiba Inu (SHIB) follows BTC’s lead, falling 2.8% in the daily charts, 21.6% in the weekly charts, 17.8% in the 14-day charts, and 12.3% over the previous month.
Also Read: Shiba Inu Price Recovery: Will SHIB Report Big Gains Post-Bitcoin Halving?
The latest dip could be due to rising geopolitical tensions fuelled by Iran’s attack on Israel. Investors globally are exercising caution as fear grips the market. Furthermore, inflation in the US remains above the Federal Reserve’s 2% target, which has faded investor expectations for an interest rate cut. The Fed might follow its policy of higher rates for longer until there is clear evidence of inflation cooling.
Shiba Inu (SHIB) Price Prediction for this weekend
Despite the recent correction, there seems to be a bullish lining to SHIB’s price. According to CoinCodex, SHIB will rise to $0.00002506 by this Sunday, Apr. 21, 2024. Reaching $0.00002506 from current levels would translate to a growth of about 14.9%.
Furthermore, CoinCodex anticipates Shiba Inu (SHIB) to continue its rally over the next few weeks, hitting $0.00007560 by May 16, 2024. If SHIB can hold at $0.00007560, we may see a new all-time high for the popular asset. SHIB is currently down by 74.7% from its all-time high of $0.00008616, which it attained in October 2021, about two-and-a-half years ago.
Changelly also paints a bullish picture for SHIB, predicting the asset to hit $0.00002702 on Sunday, Apr. 21, 2024. The platform anticipates SHIB to continue its bullish trajectory into May, hitting $0.00007584 on May 15, 2024.
Also Read: Shiba Inu: SHIB May Rise 28600% To $0.006 Post Bitcoin Halving.
Additionally, Bitcoin’s (BTC) halving may further push SHIB’s price. BTC’s halving has historically led to market rallies, and analysts anticipate a similar pattern this time around as well.