Back in May, analyst Sam_TCR predicted Shiba Inu (SHIB) to fall to $0.00002000. The asset has currently fallen below the analyst’s forecast and is trading at around $0.00001871. The analyst, however, presented a promising outlook for the popular crypto. According to Sam_TCR’s analysis, if SHIB breaks the $0.00002320 resistance, it could climb to $0.0001. Hitting $0.0001 will entail a growth of over 434%.
Also Read: Shiba Inu (SHIB) Could Rally 294% to $0.00008: Predicts Analyst
Reaching 0.0001 will also mean a new all-time high for the asset. SHIB hit an almost two-year high of $0.000036 in March of this year. The March rally was likely fuelled by Bitcoin (BTC) reaching a new all-time high of $73,737. BTC’s rise earlier this year is due to increased inflows into BTC exchange-traded funds, which the Securities and Exchange Commission (SEC) approved in January.
Why is Shiba Inu (SHIB) falling?
Shiba Inu (SHIB) has undergone a significant price dip since March. The asset is down nearly 14% in the weekly charts, 27% in the 14-day charts and 26.5% over the previous month. SHIB’s price has declined by about 44.48% since March 2024 and by over 78% from its all-time high of $0.00008616, which it achieved in October 2021.
Also Read: Rags to Riches: Shiba Inu Made $1,000 Turn into $10 Million
The present downturn in SHIB may be because of Bitcoin’s (BTC) standstill below $66,000. As the cost of mining one Bitcoin topped $86,000, miners have began liquidating their holdings. The downturn has also been exacerbated by a lack of fresh capital entering the market.
Also Read: Shiba Inu: SHIB Poised To Surge 56% To $0.00003267: Here’s When
Supporters and investors of Shiba Inu (SHIB) aren’t giving up, even if the asset has declined significantly since its peak. According to IntoTheBlock data, 52% of SHIB holders are profitable while 46% are losing money.
