With the Shiba Inu’s widespread popularity in the crypto space and millions of investors holding SHIB tokens, its price direction has been an interesting and hotly debated topic.
It is expected that the memecoin will continue to surge as it becomes the frontrunner in the crypto market, and many analysts agree. Even machine learning algorithms predict that the price of Shiba Inu will surge in the coming days.
Machine learning algorithm predicts 119% surge
The CoinCodex machine learning algorithm, after taking into account a number of indicators, concluded that the Shiba Inu price is very bullish from here.
Market sentiment remains very bearish on memecoins right now, which is usually a good time to buy and when a rebound is more likely.
In addition, the fear and greed index is still 71 points, which represents greed. This means that investors are more willing to invest money in the market.
The machine learning algorithm’s predictions span different time periods, but the one of interest is the 5-day forecast. As the site’s data shows, the machine learning algorithm predicts that the Shiba Inu’s price will double in less than a week.
At the time of writing, the Shiba Inu price is still hovering around $0.000017 with a price prediction of $0.00003839. This price increase in the SHIB price represents a 119.45% gain in less than a week.
However, on a longer timeframe, 30 days, the machine learning algorithm predicts that the price will turn bearish again. It will be priced at $0.00001686, which is a 3.66% drop from the current price. But if the price reaches $0.00003839 in the next five days as predicted, it will be a drop of more than 50%.
When will the Shiba Inu hit a new all-time high?
Despite the bullish run over the past year, the Shiba Inu price has failed to reclaim its all-time high of $0.00008845 in 2021. Its current value is around 80% lower than this all-time high, which means the memecoin still has a long way to go before setting new highs.
However, this is not the first time that SHIB has experienced ups and downs. It has a huge fan base behind it and has always been strong. The current quietness of Shibarium may be only temporary. Maybe one day when there is a big move in the community, such as the big guys joining forces or the project is updated, it will become lively again.
Some loyal fans of SHIB are secretly working to get the price back on track. They are destroying SHIB to reduce the circulation in the market, and this trick is really effective. In the last 24 hours, 60 million SHIBs were destroyed, and the destruction volume increased by more than 4 times! In this way, the supply of SHIB is reduced, which is definitely good for the price in the long run.
If you are taking it for a short term, you can give it a try, but if you are taking it for a long term, you need to be patient and wait and see.
That’s all for today’s analysis. If you have any questions, please feel free to contact me.
Finally, Xiaoru wishes everyone to become rich soon!
If you buy at the bottom in this market, you might end up buying halfway up the mountain. If you don’t buy at the bottom, you might miss the chance to get on board!
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