Back in May, analyst Sam_TCR predicted that Shiba Inu (SHIB) would fall to $0.00002000. The asset has now fallen below the analyst’s prediction and is trading at around $0.00001871. However, the analyst is bullish on the popular cryptocurrency. According to Sam_TCR’s analysis, if SHIB breaks through the $0.00002320 resistance level, it could climb to $0.0001. Reaching $0.0001 would bring a growth of over 434%.
Reaching 0.0001 also means a new all-time high for the asset. SHIB hit a nearly two-year high of $0.000036 in March of this year. The rally in March was likely driven by Bitcoin (BTC) hitting a new all-time high of $73,737. BTC’s gains earlier this year were driven by increased inflows into a BTC exchange-traded fund, which the U.S. Securities and Exchange Commission (SEC) approved in January.
Why does Shiba Inu fall?
Shiba Inu (SHIB) has seen a significant price drop since March. The asset is down nearly 14% on the weekly chart, 27% on the 14-day chart, and 26.5% over the last month. SHIB’s price has fallen by about 44.48% since March 2024 and is down more than 78% from its all-time high of $0.00008616 reached in October 2021.
SHIB’s current downturn may be due to the fact that the price of Bitcoin (BTC) has stagnated below $66,000. With the cost of mining one Bitcoin exceeding $86,000, miners have begun to liquidate their Bitcoin holdings. The downturn has also been exacerbated by the lack of new capital entering the market.
Shiba Inu (SHIB) supporters and investors haven’t given up, even though the asset has fallen significantly since its peak. According to IntoTheBlock, 52% of SHIB holders are making a profit, while 46% are losing money.
