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Machine learning algorithm sets SHIB price for October 1, 2023

Machine learning algorithm sets SHIB price for October 1, 2023

The past month has brought forth a perplexing narrative for traders in the Shiba Inu (SHIB) community. Over the course of just 30 days, SHIB has endured a rather tumultuous journey, witnessing a significant dip of 13.18% in its value.

 This stark decline has left traders scratching their heads, especially when juxtaposed with the resounding success of the Shibarium relaunch, which has facilitated over 2.85 million transactions since its triumphant return on August 20th.

With the near future holding a shroud of uncertainty in terms of updates and developments, investors and enthusiasts have turned to sophisticated tools and machine learning algorithms to gain insights into SHIB’s price trajectory. Finbold has harnessed the power of predictive analytics to shed light on what October 1, 2023, might have in store for SHIB holders.

As of September 18, 2023, the projections unveiled by Finbold’s data-driven models hint at SHIB poised to trade at $0.0000073 at the dawn of October.

Machine algorithm’s SHIB price prediction for October 1, 2023. Source: PricePredictions

Shiba Inu’s price prediction is based on algorithms’ detailed analysis of popular technical analysis (TA) indicators, such as average true range (ATR), Bollinger Bands (BB), moving average convergence divergence (MACD), and relative strength index (RSI), among others.

SHIB price analysis

SHIB price hovers around $0.000007199, reflecting a subtle fluctuation of 0.54% within the last 24 hours, accompanied by a modest downtrend of 0.18% over the past week.

Let’s delve further into the broader context surrounding SHIB. Presently, SHIB is trading at $0.00000726, encapsulating its immediate market sentiment. The cryptocurrency exhibits a support level at $0.00000687, a pivotal marker in its price journey, and the meme coin faces resistance at $0.00000758.

SHIB 1-day price chart. Source: Finbold

SHIB currently trades below the 200-day simple moving average, signifying a certain level of bearish sentiment in its market. Over the last 30 days, SHIB has experienced a mere 10 green days, constituting a modest 33% of positive trading sessions.

Over the course of the past year, Shiba Inu has endured a notable decline of -39%, lagging behind 61% of its top 100 crypto counterparts.

SHIB currently stands at a stark -92% below its all-time high, highlighting the challenges it has encountered in regaining its peak value with an annual inflation rate of 7.34%, underscoring the dynamics of SHIB’s circulating supply.

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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