Is It The Right Time To Buy While Shiba Inu Price Is Falling? Will Shiba Inu Go Up?
The cryptocurrency market experienced a strong decline at the start of the week, with Bitcoin (BTC) down more than 22% on the weekly chart, falling to $53,000. Meanwhile, the global cryptocurrency market cap has fallen 12.6% in the last 24 hours, currently sitting at $1.97 trillion. Other assets, such as the Shiba Inu, have also suffered significant losses. SHIB has fallen 14.8% in the last 24 hours, 29.7% on the weekly chart, 33.3% on the 14-day chart, and more than 20% in the last month, hitting a 5-month low.
The recent market decline is thought to be due to several factors. Japan raised interest rates last week, sending the country's Nikkei stock index lower.
At the same time, the US Federal Reserve has not yet made an announcement on whether it will cut interest rates in September, which is in line with many traders' expectations. US jobs data may also have contributed to the current market decline.
What is the reason behind the recent crash in the crypto market? Has a recession begun?
Another factor is rising geopolitical tensions in the Middle East, where the possibility of conflict between Iran and Israel is making investors nervous.
Should You Buy When Shiba Inu Price Drops?
Buying on dips is one of the most popular investment strategies. If you buy more when the market is down, you will reduce the average cost of each token.
Shiba Inu is an extremely popular cryptocurrency with significant growth potential. Many analysts predict a positive future for the coin.
Telegaon expects SHIB to reach a maximum of $0.00006 this year.
Changelly predicts that SHIB will reach $0.00003 in 2024. Current prices could also be a good entry point for new investors.
