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Machine learning algorithm sets SHIB price for December 31, 2022

Machine learning algorithm sets SHIB price for December 31, 2022

As 2022 draws to a close, meme coin Shiba Inu (SHIB) looks to have failed to match last year’s highs. Unsurprisingly, the digital asset has suffered with the rest of the cryptocurrency sector impacted by the effects of Terra (LUNA) ecosystem collapse and, more recently, the devastating meltdown of the crypto exchange platform FTX.

However, the machine learning-based algorithms at PricePredictions, which factor in indicators like moving average (MA), relative strength index (RSI), moving average convergence divergence (MACD), Bollinger Bands(BB), and others, suggest that SHIB’s value may rise by the end of the month.

As per this forecast, the decentralized finance (DeFi) asset is set to trade at $0.000010 on December 31, 2022, which represents an increase of 9.8% compared to its price at press time.

SHIB 30-day price prediction. Source: PricePredictions

It should also be noted that the predictions of the machine-learning algorithms are lower than those of the crypto community members over at CoinMarketCap, which estimate that Shiba Inu will trade at an average price of $0.000011 by the end of the year however, SHIB’s 2022 Christmas day prediction remains bearish, with the asset predicted to trade at $$0.0000090 on December 25, according to prediction.

SHIB technical analysis

TradingView’s technical analysis (TA) indicators on 1-day gauges still remain largely bearish for the time being, with their summary point toward ‘sell’ at 14.

 SHIB 1-day sentiment gauges. Source: TradingView

These results are aggregated from oscillators pointing toward ‘neutral’ at 8 (with 2 for ‘sell’ and 1 for ‘buy’); moving averages at the same time indicate ‘strong sell’ at 12 (as opposed to ‘buy’ at 1 and ‘neutral’ at 2).

Shiba Inu price analysis

Currently, Shiba Inu is changing hands at the price of $0.00000910, demonstrating a decline o 2.66% across the previous 24 hours and a decrease of 1.44% compared to seven days before.

SHIB 1-day price chart. Source: Finbold

As things stand, SHIB’s market capitalization amounts to $4.99 billion, positioning it as the fourteenth largest cryptocurrency by this indicator, as per CoinMarketCap data retrieved by Finbold on December 7.

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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