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Machine learning algorithm sets SHIB price for August 2023

Machine learning algorithm sets SHIB price for August 2023

Despite the recent volatility in the cryptocurrency market, the price of Shiba Inu (SHIB), the second most popular meme coin, has displayed a tepid performance over the past few weeks. While other altcoins have witnessed significant gains, Shiba Inu’s value has remained relatively flat. 

However, a popular price prediction tool powered by machine learning algorithms predicts a slight upturn in the near future for SHIB, hinting at somewhat better days ahead for those holding onto this unique digital asset.

Indeed, the advanced machine learning algorithms employed by the crypto analytics platform PricePredictions expect SHIB to trade at $0.000007828 on August 25, 2023, according to the latest information obtained by Finbold on July 25. 

This price projection implies a possible upside of around 0.7% compared to Shiba Inu’s current price.

SHIB price projection for August 25, 2023. Source: PricePredictions

The projection is based on a thorough analysis of several widely-used technical analysis (TA) indicators, including average true range (ATR), Bollinger Bands (BB), moving average convergence divergence (MACD), relative strength index (RSI), and others.

Shiba Inu price analysis

At the time of writing, Shiba Inu was changing hands at $0.000007773, up around 0.6% in the past 24 hours. On a weekly basis, the meme cryptocurrency rose over 1.3%, while its monthly performance stands at -2%.

SHIB 1-month price chart. Source: Finbold

Although its recent price gains remain soft, the most recent on-chain data showed that Shiba has been growing increasingly popular among new crypto investors.

Notably, the number of daily new addresses making their first SHIB transactions have been on the rise, growing from around 30% to nearly 65% in the recent period, according to a new metric employed by the blockchain intelligence platform IntoTheBlock, known as the ‘new adoption rate.’

New adoption rate for SHIB. Source: IntoTheBlock

The upswing takes SHIB’s new adoption rate to the highest level in several months, suggesting a renewed interest in the beloved meme token.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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