Shiba Inu (SHIB) is wriggling out of its bearish correction, but will it retest the high price above the $0.00004 level by the end of this month?
The bull run that pushed the price of Bitcoin (BTC) to its All-Time High (ATH) above $72,000 earlier this month also triggered a major run for Shiba Inu (SHIB). The correlation has, however, turned detrimental for the altcoin, which also recorded a similar slump in price as the bigger cryptocurrency.
As the second-largest meme asset, Shiba Inu is not only judged for its performance but also by how far it could bounce back given the right conditions.
Shiba Inu Growth Possibility
The Shiba Inu price pulled a stunning growth from a low of $0.000009333 recorded over the past month to a recent 52-week high of $0.00004534. With the price now at $0.00002529, the contention remains whether SHIB can pull a comeback to $0.00004.
Historical data from Cryptorank shows Shiba Inu typically exhibits mixed growth sentiments for March. The coin has already jumped by 103.6% this month and should it sustain the growth, it can help revert prices to the desired monthly high.
Amid the market-wide correction, current trading volume, up 2.4% in 24 hours to $1,739,733,361, shows revived interest in the token. The correlation with Bitcoin is a possible catalyst for SHIB as any recovery in the former can spark a major uptick in the latter.
Shiba Inu, however, has no solid fundamentals at the moment to complement the Bitcoin revolution, a trend that may serve as a bottleneck to the move upward.
What The Predictions Platforms Say
In anticipating the potential closing price for Shiba Inu by the end of March, insights from Changelly and Coincodex hint at a near possibility of retesting $0.00004.
According to Changelly, the token will trade at an average price of $0.00003950 by March 31, up by 58.57% from the current price level. Notably, this marks the best bargain as Coincodex pegs the month-end price at an average of $ 0.00003589 or 47.21%.
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