In recent market activity, Shiba Inu (SHIB) has faced pronounced volatility, plunging to a recent low of $0.000017 before managing a partial recovery. Despite this rebound, SHIB’s value has dropped by almost 19% over the past week, mirroring the broader negative sentiment in the cryptocurrency market.
This downturn is notably influenced by Bitcoin’s (BTC) sharp decline. BTC hit a low of $64.6k but has since managed to recover slightly, currently trading at $65.7k. Bitcoin’s fluctuations often set the tone for the broader market, and its recent performance underscores the prevailing bearish sentiment affecting other cryptocurrencies, including SHIB.
At the time of writing, Shiba Inu is trading at $0.00001826, with a 24-hour trading volume of $511.13 million and a market capitalization of $10.76 billion. Despite the partial recovery, SHIB’s price has decreased by 10.04% in the last 24 hours alone, indicating sustained pressure on the asset.
The broader market sentiment remains cautious as investors navigate these turbulent conditions. Shiba Inu’s recent performance highlights the challenges faced by altcoins in an environment where Bitcoin’s movements exert significant influence. As BTC shows signs of a potential recovery, market watchers are keen to see if this will translate into renewed strength for SHIB and other cryptocurrencies.
Analyst Predicts Shiba Inu to Hit $0.000081
Despite these bearish market conditions, renowned crypto analyst Jonathan Carter has shared a bullish outlook on SHIB’s price trajectory. According to Carter, Shiba Inu’s price remains up over 100% since breaking out of a key resistance trend, suggesting that a significant upward movement is underway.
Carter’s analysis indicates that with prices breaking out, SHIB could target $0.000081, representing a potential upside of 294% from current levels. He suggests that the recent pullback may actually be setting the stage for a breakout above this target.
Further, Carter reckons that a break and hold above $0.000081 may lead to an even higher target at $0.0001553, bringing into light tremendous upside potential. Investors should be aware and alert about the prevailing situation of volatility. The optimistic view given by Carter provides a ray of hope toward the future performance of SHIB.
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