Can SHIB Recover This Weekend?

The cryptocurrency market is currently in turmoil, with prices dropping for the fourth day in a row today. Market leader Bitcoin (BTC) is down 7.3% in 24 hours and 11.7% week-on-week, while the global crypto market cap is down 8.8% since yesterday, now at $2.09 trillion. Shiba Inu (SHIB) and other altcoins are suffering the same fate.

SHIB is down 15.6% on the daily chart, 23.1% on the weekly chart, and 25.2% on the 14-day chart, for a month-on-month decline of over 47%. SHIB price fell below $0.000013 for the first time since March 2024.

Also read: Shiba Inu: How to become a millionaire if SHIB hits $0.007

The recent market correction is likely due to increased outflows from BTC ETFs and miner capitulation. Miners are selling off their holdings as the average cost to mine 1 BTC has increased significantly.

Will the Shiba Inu recover by this weekend?

Shiba Inu Bokeh Light Shiba Inu
Image source: Pixabay

According to data from CoinCodex, SHIB could surge to $0.00001850 on Sunday, July 7, 2024. Reaching $0.00001850 from the current price level would represent a growth of around 37.7%.

sauce: Coin Code

Changely Researchers are also predicting a price rebound: The platform predicts that SHIB will reach $0.00002548 on July 7, 2024, which would represent a rise of almost 90% from current levels.

Also read: Shiba Inu: When will SHIB drop the next zero?

Shiba Inu may continue to fall in the coming days. Unless Bitcoin reverses course, other assets are unlikely to rise. The average cost of mining one Bitcoin recently surpassed $86,000. Renowned crypto expert Ali Martinez noted that Bitcoin’s price usually exceeds its average mining cost. According to Martinez’s analysis, the original cryptocurrency could soon reach the $86,000 level. The only way Shiba Inu can reverse the trend is if BTC rebounds and gains momentum.

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