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Machine learning algorithm sets SHIB price for January 31, 2024

Machine learning algorithm sets SHIB price for January 31, 2024

With the start of 2024 bringing gains to most cryptocurrency assets, Shiba Inu (SHIB) is no exception. It continues to experience earnings, which may prompt investors to wonder where its price will end up by the end of January.

Given these recent yields, Finbold employed CoinCodex to leverage its AI-driven machine-learning algorithms to gauge its price for the end of the month. These algorithms assess the changing market conditions and analyze relevant indicators to forecast the likelihood of SHIB seeing gains by the end of this month.

SHIB price prediction for January 31. Source: CoinCodex
SHIB price prediction for January 31. Source: CoinCodex

According to the algorithms, SHIB is anticipated to rise to $0.00001038 by January 31, signifying a -4.24% decrease from the current asset price at the time of publication.

Analysts expectations

With the continuation of gains in January, some crypto experts see this movement resembling the one that led to the all-time high of SHIB valuation.

The observed price behavior indicates a breakout from a pattern reminiscent of its previous all-time high run, raising the possibility of a similar movement again.

If this trend continues, there is potential for an increase of over 710%, reaching levels as high as $0.000088598 and beyond, as per a post on X from crypto analyst Javon Marks on January 2.

Possible pattern repetition of SHIB price movement. Source: Javon Marks
Possible pattern repetition of SHIB price movement. Source: Javon Marks

However, other experts are bearish regarding the SHIB price trajectory. Andrew Lokenauth, founder of TheFinanceNewsletter.com, characterizes Shiba Inu as a purely speculative asset lacking intrinsic value or utility, criticizing its limited real-world applications and poor transparency from developers. 

He notes the cryptocurrency’s susceptibility to volatility, especially compared to its major counterparts. Highlighting competition with other dog-themed meme coins, including Dogecoin (DOGE), Lokenauth anticipates a continued decline for SHIB, projecting a price of $0.000005 at the start of 2024 due to the absence of significant catalysts and the impact of the bear market on speculative assets.

SHIB price analysis

At the time of press, SHIB was trading at $0.00001085, notching an increase of 3.93% in the past 24 hours, adding to a gain of 1.32% over the previous week and a 27.88% upside in the past 30 days.

SHIB 30-day price chart. Source: Finbold
SHIB 30-day price chart. Source: Finbold

Simultaneously, Shiba Inu’s technical indicators, obtained from TradingView, depict bullish sentiment. A synopsis of these indicators reveals a ‘buy’ rating at 14, with moving averages endorsing a ‘buy’ at 14. Oscillators lean towards a ‘neutral’ rating, registering at 10.

SHIB technical analysis. Source: TradingView
SHIB technical analysis. Source: TradingView

SHIB’s course for the current month will depend on the evolving developments within the Shibarium network, influenced by the general sentiment on the broader cryptocurrency and macroeconomic landscape.

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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