The cryptocurrency market continues its struggle with falling prices, with Bitcoin (BTC) dipping over 12% in the last week and the global market cap falling 4% in 24 hours. Shiba Inu (SHIB), and other altcoins, are following BTC’s lead. SHIB has fallen 6.3% in the weekly charts, 4.2% in the 14-day charts, and more than 32% over the previous week.
Also Read: Shiba Inu: Here’s How To Be a Millionaire When SHIB Hits $0.007
The current market slump is likely because of reduced demand for BTC ETFs that have seen increased outflows over the last few weeks. Miners had also begun selling their holdings as the average cost of mining one BTC surpassed the $86,000 level a few weeks ago. The falling prices seem to have spooked investors into exiting their positions from risky assets, with investor sentiment hovering in the “fear” zone.
Can Shiba Inu reclaim $0.00002 this week?
CoinCodex researchers anticipate SHIB to climb to $0.00003426 on July 13, 2024. The platform does not expect prices to hold, predicting a correction soon after. CoinCodex says SHIB will trade at $0.00001448 on July 27, 2024.
Changelly also paints a bullish picture for SHIB this week. The platform predicts SHIB to hit $0.00003657 on July 12, 2024, but a correction to $0.00002720 by July 14, 2024.
Also Read: Shiba Inu To $0.01? Publicly Traded US Firm Accepts SHIB Payments
It is unlikely for Shiba Inu to make any positive movements unless BTC reverses its trend. BTC is the market leader, and other assets usually follow its stride. The average mining cost for BTC surpassed the $86,000 level late last month. According to prominent cryptocurrency analyst Ali Martinez, BTC’s price has historically surpassed its average mining cost. We may witness a BTC rally to a new all-time high very soon. In this situation, other assets, such as Shiba Inu, may also hit new highs.
Credit: Source link
