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The cryptocurrency market appears to have slipped into another downturn, as Bitcoin (BTC) drops to just above $61,000.Following BTC’s decline, Shiba Inu (SHIB) also experiences losses, decreasing by 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.
This recent dip may be attributed to escalating geopolitical tensions, particularly Iran’s attack on Israel, which has instilled fear in investors worldwide.
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Additionally, inflation in the US remains higher than the Federal Reserve’s 2% target, dampening investor hopes for an interest rate cut. The Fed is likely to continue its strategy of maintaining higher rates for a longer period until there is clear evidence of inflation subsiding.
Shiba Inu (SHIB) Price Prediction for this weekend
Despite the recent correction, there appears to be a positive outlook for SHIB’s price. According to CoinCodex, SHIB is expected to rise to $0.00002506 by this Sunday, April 21, 2024. Achieving $0.00002506 from current levels would represent a growth of approximately 14.9%.
Furthermore, CoinCodex foresees Shiba Inu (SHIB) continuing its upward trend over the next few weeks, reaching $0.00007560 by May 16, 2024. If SHIB can maintain this level, it may establish a new all-time high for the popular asset.
Currently, SHIB is down by 74.7% from its peak of $0.00008616, reached in October 2021, about two and a half years ago.
Changelly also provides an optimistic outlook for SHIB, forecasting the asset to reach $0.00002702 on Sunday, April 21, 2024. The platform expects SHIB’s bullish momentum to continue into May, reaching $0.00007584 by May 15, 2024.
Additionally, Bitcoin’s (BTC) halving could further boost SHIB’s price. Historically, BTC’s halving has triggered market rallies, and analysts anticipate a similar pattern this time.
