Shiba Inu (SHIB) is following the cryptocurrency market revival, rallying 5.3% in the daily charts, 4.5% in the weekly charts, 3.6% in the 14-day charts, and 1.6% over the previous month. SHIB’s price has also increased by nearly 92% since September 2023. This price prediction article will discuss whether SHIB can hit $0.00002 this weekend.
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Factors Influencing SHIB’s Price Rally
Source: CoinGecko
Why Is The Memecoin Rallying Today?
SHIB’s rally could be due to Bitcoin (BTC) reclaiming the $62,000 level for the first time since late August 2024. The general market sentiment seems to have undergone a bullish reversal.
BTC’s rally is probably due to the Federal Reserve cutting interest rates by 50 basis points. This is the first rate cut in the US in nearly four years, and interest rate cuts usually lead to investors making riskier investments.
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SHIB Weekend Price Prediction: Can It Hit $0.00002?
According to Changelly’s analysis, Shiba Inu (SHIB) will continue rallying over the next few days. The platform anticipates the asset hitting $0.00002689 on Sunday, Sept. 22, 2024. Reaching $0.00002689 from current price levels will translate to a rally of about 92.35%.
Changelly’s Prediction
Changelly does not anticipate SHIB’s price holding above $0.00002, predicting a correction by the end of this month.
Source: Changelly
CoinCodex’s Prediction
CoinCodex’s data also suggests a bullish few days for Shiba Inu (SHIB). The platform predicts SHIB will hit $0.00002294 on Sunday, Sept. 22, 2024. CoinCodex analysts also do not anticipate SHIB remaining above $0.00002 for long. The platform expects a correction to around current levels by the first week of October.
Source: CoinCodex
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There is also a possibility that SHIB will continue rallying without facing a correction, given that Bitcoin (BTC) continues its upward trajectory.