Shiba Inu (SHIB) saw quite a price rally on Jan. 5, 2025, hitting the $0.00000969 mark. However, the asset faced substantial resistance, experiencing a correction today. According to CoinGecko data, SHIB’s price is down by 3% in the last 24 hours and 62.6% since January 2025. Despite today’s correction, SHIB is still up by 26.8% in the weekly charts, 28% in the 14-day charts, and 6% over the previous month. Let’s discuss if SHIB will continue dipping, or will the memecoin rebound again.
Will Shiba Inu’s Price Rally Again?
Shiba Inu’s (SHIB) price surge came amid a larger crypto market rally. SHIB’s price was most likely following Bitcoin’s (BTC) trajectory. The original crypto briefly hit the $94,000 mark on Jan. 6, but has since dipped to the $92,000 price level. BTC’s correction may have led to SHIB facing a rejection at $0.0000096.
Shiba Inu’s (SHIB) rally could have been fulled by increased Bitcoin (BTC), Ethereum (ETH), and XRP ETF inflows. ETFs have led to substantial interest in the crypto space. However, the market is still quite fragile from last years crash. Market participants are still staying away from risky assets. Shiba Inu (SHIB), being a memecoin, carries substantial risks, barring investors from pouring significant amounts of money into it.
The crypto market could continue on a sideways trajectory over the coming weeks. Macroeconomic uncertainties continue to worry investors. Shiba Inu (SHIB) and other memecoins could see stagnant inflows due to poor economic conditions.
Also Read: Shiba Inu Price Spikes 13%: What Comes Next Before Jan End?
Shiba Inu (SHIB) could see a rally if Bitcoin (BTC) breaches past the $94,000 price level. Many anticipate BTC to recover over the coming months. Increased ETF inflows could also trigger a BTC price rally. Such a scenario could lead to Shiba Inu (SHIB) deleting a zero from its price, which it gained during last year’s market crash.
Credit: Source link
