Shiba Inu (SHIB), the second-biggest meme coin in the world, saw notable volatility in 2023. The coin soared drastically in February, recapturing the attention of the crypto community. However, in recent weeks, it experienced a significant decline, highlighting the inherent volatility of the crypto market.
In light of the mounting excitement over the Shibarium update, which may be just around the corner, on June 2, Finbold tapped the machine learning algorithm developed by the analytics and forecast platform PricePredictions, which has set the price for SHIB for June 30, 2023, at $0.000008327.
If the projections materialize, Shiba Inu’s price would witness a price decrease of 1.66% from its current price level, which at the time of writing stood at $0.000008472.
The forecast is based on several widely-used technical indicators, including moving average convergence divergence (MACD), average true range (ATR), and Bollinger Bands (BB), among others.
Shiba Inu price analysis
Shiba Inu, saw a small price drop of 0.09% in the past 24 hours. Over the past week, the cryptocurrency fell 0.6% and nearly 15% on the month.
The analysis of SHIB’s price chart suggests there is a support level at $0.000008, which is a level that indicates where buying pressure could possibly increase and result in a potential price surge. At the same time, the cryptocurrency faces resistance at $0.00000894, an area that could trigger selling pressure and prevent SHIB from making a further upward movement.
It is also important to note that Shiba has experienced a considerable drop in large transactions and transaction volume in the past week, suggesting that ‘whales’ are pulling the brakes.
Meanwhile, the technical analysis (TA) gauges over at TradingView suggest a notably bearish sentiment toward SHIB, with a summary of various indicators viewing the meme coin as a ‘strong sell.’
This is based on moving averages pointing at a ‘strong sell’ at 14, while oscillators remained in the ‘neutral’ area.
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