AI predicts Shiba Inu price for July 1, 2024

Shiba Inu (SHIB) continues to correct while consolidating gains made since the beginning of the year, but like many other cryptocurrencies, machine learning and artificial intelligence (AI) algorithms are pessimistic about its price movement in the near future.

Indeed, Shiba Inu’s price movement, which was trading around $0.00003 until mid-April, has slowed significantly over the past few weeks, first dropping below the key $0.00002 level and then below $0.000017 following bearish sentiment in the cryptocurrency market.

Shiba Inu Price Prediction

As for future performance, complex AI algorithms deployed by crypto analytics and prediction platforms Price Prediction With a SHIB price target of $0.000014 on July 1, 2024, the latest data suggests the meme coin will continue to fall. data Retrieved June 24th.

Shiba Inu 30-day price forecast. Source: Price Prediction

Specifically, the target price, set by an algorithm that relies on indicators such as the Moving Average Divergence Convergence (MACD), Relative Strength Index (RSI), and Average True Range (ATR), suggests a further downside of 16.52% from Shiba Inu’s current price.

Shiba Inu Price Analysis

As of now, the popular meme Doge token is trading at $0.00001677, which represents a 6.70% drop in the past 24 hours, a 15.32% drop in the past seven days, and a 32.06% loss on the monthly chart, but a 62.44% increase since the start of the year.

Shiba Inu 30-day price chart. Source: Finbold
Shiba Inu 30-day price chart. Source: Finnbold

Meanwhile, one factor that could affect Shiba Inu’s price in the near future is the activity of its largest holders, or whales, such as the recent deposit of 1.8 trillion SHIB into Binance, one of the world’s largest cryptocurrency exchanges, six months after the crypto wallet withdrew this amount.

Crypto whale SHIB activity over time. Source: Lookonchain
Crypto whale SHIB activity over time. Source: Look on Chain

Factors affecting SHIB prices

Indeed, if the whale decides to sell his holdings, currently the 12th largest in the cryptocurrency market, it could potentially drive SHIB’s price even lower, primarily due to strong selling pressure, spreading “FUD” (fear, uncertainty and doubt) among investors, which could lead to significant price volatility.

Crypto whales trading SHIB. Source: Lookonchain
Crypto whales trading SHIB. Source: Look on Chain

Meanwhile, crypto expert Casey Stubbs predicted in mid-June that given the expected impact of Shiba Inu’s layer-2 scaling solution, Shibarium, SHIB could see significant inflows, potentially propelling the token’s market cap to as much as $1 trillion, Finnbold reported on June 17.

All things considered, Shiba Inu is likely to continue to fall over the coming weeks as suggested by the AI ​​algorithm, but it’s important to keep in mind that trends can change and it’s not wise to rely solely on one data source, so it’s important to do your own research and stay on top of Shiba Inu news when making any investments.

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Disclaimer: The content of this site does not constitute investment advice. Investing is speculative and your capital is at risk when investing.

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