As Shiba Inu (SHIB) continues to correct its price, consolidating the gains it has attained since the year’s turn, much like many other cryptocurrencies, machine learning and artificial intelligence (AI) algorithms are pessimistic regarding its price performance in the near future.
Indeed, after trading around the $0.00003 area until mid-April, the price action of Shiba Inu has slowed down significantly in the past several weeks, first dropping below the critical level at $0.00002, and then reverting to below $0.000017, following the bearish sentiment of the crypto market.
Shiba Inu price 30-day forecast. Source: PricePredictions
Specifically, the target price set by the algorithms, which rely on indicators such as moving average divergence convergence (MACD), relative strength index (RSI), and average true range (ATR), would suggest a further drop of 16.52% from Shiba Inu’s current price.
Shiba Inu price analysis
For the time being, the popular meme doge token is currently trading at the price of $0.00001677, which represents a decline of 6.70% in the last 24 hours, a 15.32% drop across the previous seven days, as well as a 32.06% loss on its monthly chart, while recording a 62.44% advance since the year’s turn.
Shiba Inu price 30-day chart. Source: Finbold
Meanwhile, one factor that could affect Shiba Inu’s price in the near future is the activity of its largest holders, i.e. whales, such as the recent deposit of 1.08 trillion of SHIB to Binance, one of the largest crypto exchanges in the world, six months after the same crypto wallet withdrew this amount.
Crypto whale’s SHIB activities over time. Source: Lookonchain
Potential factors for SHIB price
In fact, should this whale decide to sell their holdings of the currently 12th-largest asset in the crypto market, it could cause a tectonic shift in its price, primarily due to exercising strong selling pressure that could cause the SHIB price to decline further and instill ‘FUD’ (fear, uncertainty, doubt) among investors.
Crypto whale’s SHIB transactions. Source: Lookonchain
On the other hand, crypto expert Casey Stubbs projected in mid-June that SHIB would likely experience a significant inflow of capital, potentially elevating the token’s market capitalization to $1 trillion, taking into account the anticipated impact of Shiba Inu’s layer-2 scaling solution Shibarium, as Finbold reported on June 17.
I am envisioning a day where there are thousands of shib and bone pairs trading on shibarium with billions of dollars worth of transactions daily and trillion dollar market cap. https://t.co/puSwMgBWoP
— Casey Stubbs (@caseystubbs) June 16, 2024All things considered, Shiba Inu could, indeed, continue on its downward path in the following weeks as the AI algorithm suggests, but it is important to keep in mind that trends could change and that relying on one source of data exclusively is not wise, so doing one’s own research and keeping up with any SHIB news is critical when investing.
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Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
