The cryptocurrency market appears to be rebounding from the recent sell-off. Bitcoin (BTC) gained 4% on the daily chart on Monday and is currently trading just above $63,000. Shiba Inu (SHIB) is also showing signs of recovery, up 3.3% in the 24-hour period and 2.4% on the weekly chart. The popular Dogecoin continues to glow red on the 14-day and monthly charts, down 14.8% and 31.3%, respectively.
The recent rally could be due to investors returning to spot BTC ETFs. An Ethereum ETF is also likely to launch this month. Other positive developments include VanEck’s application for a Solana ETF, which may have boosted investor sentiment.
How high will the Shiba Inu grow in July 2024?
CoinCodex data tells us that SHIB could rebound to $0.00003857 this week. Reaching $0.00003857 from current levels would mean growth of about 122.5%. The platform does not expect SHIB’s price to sustain at $0.00003857 and predicts a pullback soon. CoinCodex expects SHIB to drop to around current levels and consolidate for the rest of the month.
Changelly gives a similar prediction for Shiba Inu. The platform expects SHIB to rise to $0.00003752 on July 5, 2024, but it might fall to $0.00001588 on July 28, 2024.
The expected rise in value could be the result of investors’ excitement about the upcoming Ethereum ETF, which is expected to be launched in early July. If the Ethereum ETF leads to a large influx of funds into the cryptocurrency market, the value of SHIB and other altcoins could rise sharply. Expectations of a rate cut by the Federal Reserve could also boost market sentiment, leading to an increase in allocations to riskier assets.