Shiba Inu (SHIB) is once again struggling to regain the $0.00002500 level, although it briefly surpassed this level earlier this month. SHIB is up 1.1% on the weekly charts and 13.1% on the 14-day charts. However, the asset has faced a correction of 0.9% 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 failed to maintain price levels and a correction followed shortly after the rally. It is possible that the ETH ETF was a 'sell the news' event, making the rally unsustainable. Or maybe the rally has been postponed and will take place later.
AI predicts the price of Shiba Inu (SHIB) for May 31, 2024
Shiba Inu (SHIB) could soon break out into a rally. According to CoinCodex, SHIB could reach $0.00002970 by May 31, 2024. Reaching $0.00002970 from current levels would translate to growth of over 21%.
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Moreover, CoinCodex expects SHIB to continue its rally in June, reaching a high of $0.00008375 on June 24, 2024. Reaching $0.00008375 from current levels would translate to growth of approximately 241.28%. If SHIB reaches $0.00008375, it could surpass its previous high of $0.00008616.
Changelly also paints a similar picture for Shiba Inu (SHIB) in the coming days. The platform predicts that SHIB will reach $0.00002969 on May 31, 2024. Furthermore, Changelly expects SHIB to reach $0.00008373 on June 24, 2024.
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The predicted rally could be due to the Ethereum (ETH) ETFs being approved by the US SEC. Many analysts expect a market-wide rally, similar to the market rally after the SEC approved spot Bitcoin (BTC) ETFs in January 11.