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The cryptocurrency market experienced a bloodbath over the last few days. However, the market seems to be showing signs of a rebound, with Bitcoin (BTC) reclaiming the $55,000 level. Shiba Inu (SHIB) has also seen a substantial turnaround in the daily charts.
The asset is currently the best-performing cryptocurrency among the top 30 projects and is the seventh-best-performing asset among the top 100, rallying 14.8% in the last 24 hours.
Also Read: Shiba Inu: These People Made Millions And Billions With SHIB
Shiba Inu’s Performance in Different Time Frames
Despite the turnaround, Shiba Inu (SHIB) continues to glow red in the other time frames:
- Down 17.5% in the weekly charts
- Down more than 22% in the 14-day charts
- Down 19.3% over the previous month
Factors Influencing the Recent Market Correction
The recent market correction was likely due to:
- Uncertainty about when the Federal Reserve will cut interest rates
- Rising global geopolitical tensions
Along with crypto, global stock markets also took a hit. Taiwan and Japan experienced their worst market losses in many decades.
Also Read: $1B Liquidated: Is Now the Time to Buy Shiba Inu (SHIB)?
Will Shiba Inu reclaim $0.00002?
CoinCodex Predictions
CoinCodex data suggests SHIB could surge to $0.00003117 on Aug. 11, 2023. Reaching this level will translate to a rally of over 127%.
Chagelly’s Forecast
Changelly also anticipates SHIB to rally over the next few days, hitting $0.00002536 on Aug. 10, 2024, a rise of over 85% from current levels.
Long-Term Outlook
Given the global economy’s current state, dog-themed crypto might not reclaim the $0.00002 level as soon as possible.
Also Read: Shiba Inu Falls To 5-Month Low: Should You Buy The SHIB Dip?
Despite the bullish short-term forecasts, both platforms do not expect Shiba Inu’s (SHIB) price to hold above $0.00002, predicting a correction back to current levels by late August.
Changelly expects SHIB’s price to dip to $0.000010 on Sept. 1, 2024. Without Bitcoin making any positive movements, SHIB is unlikely to do so.
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