Shiba Inu (SHIB) is again struggling to reclaim the $0.00002500 level, although it briefly surpassed this mark earlier this month. SHIB is up by 1.1% in the weekly charts and 13.1% in the 14-day charts. However, the asset has faced a 0.9% correction in the daily and monthly charts.
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The rally earlier this month may be due to the US SEC (Securities and Exchange Commission) approving all Ethereum (ETH) ETFs (Exchange Traded Funds). However, the market did not hold price levels, and a correction followed soon after the rally. It is possible that the ETH ETF was a ‘sell the news’ event, hence the rally was not sustainable. Or perhaps the rally has been delayed and will catch on later.
AI predicts Shiba Inu’s (SHIB) price for May 31, 2024
Shiba Inu (SHIB) may break out into a rally soon. According to CoinCodex, SHIB could hit $0.00002970 on May 31, 2024. Reaching $0.00002970 from current levels would translate to a growth of over 21%.
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Furthermore, CoinCodex anticipates SHIB to continue its rally in June, hitting a high of $0.00008375 on June 24, 2024. Reaching $0.00008375 from current levels would translate to a growth of about 241.28%. If SHIB hits $0.00008375, it may surpass its previous high of $0.00008616.
Changelly also paints a similar image for Shiba Inu (SHIB) over the next few days. The platform predicts SHIB to hit $0.00002969 on May 31, 2024. Furthermore, Changelly anticipates SHIB to reach $0.00008373 on June 24, 2024.
Also Read: Shiba Inu ETF Approval: A New Era for Cryptocurrency Investors?
The predicted rally could be due to the Ethereum (ETH) ETFs approved by the US SEC. Many analysts anticipate a market-wide rally, similar to the market rally after the SEC approved 11 spot Bitcoin (BTC) ETFs in January.
