Shiba Inu (SHIB) has faced a significant price correction over the last few days. The asset is down by 2.2% in the daily charts, 7.5% in the weekly charts, 11.5% in the 14-day charts, and 8.2% over the previous month.
The latest dip is likely because Bitcoin (BTC) fell below $65,000 as investor fears grow around the Mt. Gox reimbursement plan and the US government moving over $2 billion worth of BTC.
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SHIB also faces considerable sell pressure at the $0.000017 level. According to IntoTheBlock data, about $100 million worth of SHIB is on sale at an average price of $0.000017.
Shiba Inu weekend price prediction
According to the analysts at CoinCodex, the dog-themed cryptocurrency could surge to $0.00002551 on Sunday, Aug. 4, 2024. Hitting $0.00002551 from current levels would mean a rally of nearly 65%. CoinCodex does not anticipate Shiba Inu’s price to hold at $0.00002551, predicting a correction back to current levels by Aug. 18. 2024.
The researchers at Changelly also present a similar forecast for Shiba Inu (SHIB). According to the platform, SHIB could hit $0.00002608 on Sunday, Aug. 4, 2024. The platform also predicts SHIB’s price will rise to $0.00003526 before facing a correction.
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As mentioned above, about $100 worth of Shiba Inu (SHIB) tokens are for sale at an average price of $0.000017. Once it reaches this price level, the asset could face a steep correction.
The overall bearish outlook of the crypto market could also hamper any possibility of a price rally for SHIB. The asset has struggled to gain momentum since March when it hit a price of $0.000036 following BTC’s rise to a new all-time high.