Skip to content

Machine learning algorithm sets SHIB price for June 30, 2023

Machine learning algorithm sets SHIB price for June 30, 2023

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. 

30-day price prediction for SHIB. Source: PricePredictions

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. 

SHIB 1-week price chart. Source: Finbold

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. 

Shiba 1-week on-chain transactions data. Source: IntoTheBlock

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. 

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

Best Crypto Exchange for Intermediate Traders and Investors

  • Invest in 70+ cryptocurrencies and 3,000+ other assets including stocks and precious metals.

  • 0% commission on stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit etoro.com/trading/fees.

  • Copy top-performing traders in real time, automatically.

  • eToro USA is registered with FINRA for securities trading.

30+ million Users
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. eToro USA LLC does not offer CFDs, only real Crypto assets available. Don’t invest unless you’re prepared to lose all the money you invest.

Read Next:

Weekly Finance Digest

By subscribing you agree with Finbold T&C’s & Privacy Policy

Related posts

Disclaimer: The information on this website is for general informational and educational purposes only and does not constitute financial, legal, tax, or investment advice. This site does not make any financial promotions, and all content is strictly informational. By using this site, you agree to our full disclaimer and terms of use. For more information, please read our complete Global Disclaimer.