Shiba Inu (SHIB) Outperforms Top 30 Coins With 14% Gains in 24h

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.