Shiba Inu (SHIB) breached the $0.00003 level on Sunday, Dec. 1, 2024. The asset last traded at this price point in March of this year. The dog-themed crypto was inching closer to a new yearly high but faced a correction earlier today. SHIB’s price is down 3.8% in the last 24 hours but is up 16.3% in the weekly charts, 18.4% in the 14-day charts, 67.3% over the previous month, and 254.8% since December 2023.
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Why Did Shiba Inu Face A Correction?
SHIB is facing considerable resistance at the $0.00003 level. Investors may have booked profits after the asset’s recent rally.
The correction could also be due to Bitcoin (BTC) failing to reclaim the $99,000 level. The original cryptocurrency hit an all-time high of $99,645.39 on Nov. 22, 2024. BTC’s price has dipped 3.4% since its recent peak.
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SHIB’s price may have taken a beating today due to increased volatility in the market.
Can The Asset Hit $0.00004 Next?
CoinCodex analysts anticipate SHIB to rise to $0.00006104 on Dec. 5, 2024. Hitting $0.00006104 from current price levels will entail a rally of about 105.8%. Despite the bullish outlook, CoinCodex does not anticipate SHIB’s price to hold above $0.00006. The platform predicts the asset will face a correction back to around current levels by Dec. 18, 2024.
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There is a chance that SHIB will not breach the $0.00006 level at all this year. The asset has faced significant volatility. People holding at losses may book profits once prices go higher. We may witness a market-wide rally if Bitcoin (BTC) breaches the $100,000. SHIB’s price could hit a new yearly high in such a scenario.
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