As the world wakes up to the widespread crash of multiple markets, including in the cryptocurrency industry, Shiba Inu (SHIB) is no exception to the ongoing situation, recording massive declines across charts, and artificial intelligence (AI) algorithms are pessimistic as well.
Indeed, Shiba Inu has followed the wider trend in the crypto sector, which has seen quite a few crypto assets dipping dramatically, including the flagship decentralized finance (DeFi) asset, Bitcoin (BTC), which itself has witnessed a price decline of over 15% in a single day.
Shiba Inu price prediction
In this context, the advanced AI and machine learning algorithms over at the crypto analytics platform PricePredictions suggest that the decline might continue for the popular doge meme token, culminating with a price tag of $0.000009730 on August 31, 2024, as per data retrieved on August 5.
Specifically, this price target, if correct, would indicate a decline of 14.72%, according to the platform’s algorithm, which employs technical indicators like moving average convergence divergence (MACD), relative strength index (RSI), average true range (ATR), Bollinger Bands (BB), and others.
On the other hand, Aaron Arnold, the host of the Altcoin Daily channel, has singled out Shiba Inu as one of the meme coins that could potentially explode before 2025 – as part of the several altcoin narratives to pay attention to and position oneself for a projected altcoin surge.
It is also worth noting that SHIB gained prominence in Q4 2024, experiencing remarkable growth alongside Litecoin (LTC) and Solana (SOL) in terms of crypto payments, surging after CoinGate added support for it on the BSC and Polygon (MATIC) networks, according to the platform’s report from July 25.
Shiba Inu price analysis
For the time being, Shiba Inu is changing hands at the price of $0.00001141, which represents a 19.22% decrease in the last 24 hours, a drop of 33.48% across the previous seven days, an accumulated loss of 26.85% on its monthly chart while still holding onto the 13.64% gain since the year’s turn.
Overall, things might look bleak for the price of SHIB in the following few weeks, as well as for the majority of assets in the crypto sector, but they might not stay that way. That said, doing one’s own research and keeping up with any SHIB news is important when investing, as trends can easily change.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
