AI Forecasts Shiba Inu Price on July 1st 2024
As Shiba Inu (SHIB) undergoes a price correction, consolidating the gains it has made since the beginning of the year, similar to many other cryptocurrencies, machine learning and artificial intelligence (AI) algorithms are not optimistic about its price performance in the near future.
After trading around the $0.00003 area until mid-April, Shiba Inu’s price action has significantly slowed down in recent weeks. It first dropped below the critical level at $0.00002 and then fell below $0.000017, following the bearish sentiment of the crypto market.
Regarding its future performance, the complex AI algorithms deployed by the crypto analytics and forecasting platform, PricePredictions, have set the price of SHIB at $0.000014 on July 1, 2024. This suggests that the memecoin would continue to decline based on the most recent data obtained on June 24.
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.
Currently, the popular meme doge token is trading at $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. However, it has recorded a 62.44% advance since the beginning of the year.
One factor that could have an impact on Shiba Inu’s price in the near future is the activity of its largest holders, such as the recent deposit of 1.08 trillion SHIB to Binance, one of the largest crypto exchanges in the world, six months after the same crypto wallet withdrew this amount.
If this whale decides to sell their holdings, it could cause a significant shift in the token’s price due to strong selling pressure that could cause the SHIB price to decline further and instill ‘FUD’ (fear, uncertainty, doubt) among investors.
However, 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.
In conclusion, Shiba Inu could 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. 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.
