Shiba Inu, a popular dog-themed cryptocurrency (SHIB), has seen its price plummet over the past few days. In the charts for the week, the asset has dropped by 12,5%, in those of the 14-day chart, it is down 2.6%, and in that of the last seven days, the asset was down 26.2%. SHIB, however, has continued to make gains year-over-year, with a 137% increase since April 2023.
Shiba Inu, however, could be about to break out into a major rally despite recent corrections. SHIB, according to the crypto-analysis firm LunarCrush has a bullish forecast based on several factors.
Also Read: Shiba Inu Weekend Price Prediction: Can SHIB Hit $0.00004?
LunarCrush explains that SHIB is experiencing an increased social media activity. Social media users are more likely to discuss the crypto with a dog theme if there is an increase in social activity. Second, it highlights the increasing price of the asset. Shiba Inu’s (SHIB), has seen a price increase of a considerable amount in the past few months. LunarCrush highlights SHIB’s expanding market volume. More money will flow to the project and away from it.
Shiba Inu – SHIB reaches new heights
SHIB currently displays very bullish signals. The asset may soon reach a new high.
Also Read: Shiba Inu Predicted to Rally 350% to $0.00009: Here is When
CoinCodex predicts that SHIB’s price could reach $0.00008616 by early May 2024. SHIB may be worth $0.00008902 in May 2024, according to CoinCodex. To reach $0.00008902 at current levels, a 232.91% increase would be required.
Also Read: Shiba Inu: $0.001 Price Incoming As Trading Volume Gains Traction In India
Changelly SHIB is also expected to reach new heights in the near future. Platform predicts SHIB will reach $0.00009293 by May 3, 2024. To reach $0.00009293 at current levels, a 247% increase would be required. SHIB’s bullish outlook may be a result of Bitcoin’s (BTC), halving this month. A halving is bullish because it reduces supply. BTC’s halfing could spark a rally across the market, boosting most popular assets.
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Source: watcher.guru