Since hitting a four-month high in August, Shiba Inu (SHIB) has experienced a sharp decline. Additionally, this resulted in a loss of approximately 10% in 2023. This downward trend is consistent with the challenges of the broader cryptocurrency market, particularly meme cryptocurrencies, which have seen occasional short-term rallies at best.
Predictive analytics for SHIB
There is prevailing bearish sentiment for SHIB and increasing uncertainty in the cryptocurrency world. Considering this situation, artificial intelligence makes an important prediction for SHIB towards the end of October.
Machine learning (ML) algorithms on the PricePredictions platform stand out in this approach. Accordingly, according to the data collected on October 3, there is price data for SHIB for the end of October. Accordingly, he predicts that it will be traded at approximately $0.000007260. This represents a marginal price decrease of approximately 0.6% from the current trading price.
The analysis behind machine learning-powered predictions
These ML-powered price predictions are the result of comprehensive analysis of widely used technical analysis indicators. This analysis includes factors such as average true range (ATR), Bollinger Bands (BB), moving average convergence divergence (MACD), and relative strength index (RSI).
At the time of writing, SHIB is trading at $0.000007305, down 3.75% in the last 24 hours. The meme-inspired digital asset gained a slight 0.4% last week. However, it lost 6.5% during the month.
SHIB, recent performance and challenges
Over the past month, the Shiba Inu SHIB has seen a mix of green and red days. Additionally, 15 of the 30 days were green, achieving a 50% success rate. However, in the context of the past year, SHIB price has experienced a significant decline of 34%. It underperformed 64% of the top 100 cryptocurrencies such as Bitcoin and Ethereum (ETH).
Moreover, SHIB is currently trading below the 200-day simple moving average (SMA). Accordingly, it is 92% lower than the all-time high it reached in October 2021. As a result, there is general sentiment surrounding SHIB. It also remains bearish despite the recent slight improvement in its 30-day volatility, which currently stands at a modest 2.09%. When we look at it from Kriptokoin.com, it seems that October will be a slow month for SHIB.
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