Shiba Inu (SHIB), one of the popular meme cryptocurrencies, is expected to face a slight decrease in price amidst a broader downturn in the cryptocurrency market. This year has been challenging for meme cryptocurrencies, with only occasional short-term rallies. The prevailing sentiment for SHIB is leaning bearish, and there is increasing uncertainty in the crypto sphere. To shed light on its near-term prospects, Finbold has turned to predictive analytics.
According to data retrieved on October 3, machine learning algorithms on PricePredictions project that SHIB will trade at $0.000007260, indicating a slight price decrease of approximately 0.6% from its current price. This prediction is based on a thorough analysis of widely-used technical analysis indicators such as average true range, Bollinger Bands, moving average convergence divergence, and relative strength index.
Currently, SHIB is trading at $0.000007305, down 3.75% in the past 24 hours. Over the last week, it witnessed a slight gain of 0.4%, although it remains 6.5% lower on a monthly basis. During this period, Shiba Inu had 15 out of 30 green days, indicating a 50% success rate.
However, SHIB’s price has declined by 34% over the past year, lagging behind 64% of the top 100 cryptocurrencies, including Bitcoin and Ethereum. Moreover, it is trading below the 200-day simple moving average and is down 92% from its all-time high reached in October 2021.
As a result, the overall sentiment surrounding SHIB remains bearish. Despite a slight improvement in its 30-day volatility, which currently sits at a medium level of 2.09%, investors remain cautious about its performance.
In conclusion, Shiba Inu (SHIB) is predicted to experience a slight price decrease amidst the broader cryptocurrency downturn. The prevailing sentiment for SHIB is bearish, and there is increasing uncertainty in the crypto market. Investors should closely monitor the performance of SHIB and remain cautious given the volatility and downtrend in the meme cryptocurrency market.
Note: Some sentences and statistics have been replicated from the original article to maintain accuracy.
