As Shiba Inu (SHIB) embarks on a downward trajectory, relinquishing its once-consolidated position as the fourteenth largest cryptocurrency, it currently teeters on the precipice of slipping out of the coveted top 20 digital assets, measured by market capitalization.
This intriguing development has ignited a wave of speculation among astute investors, who eagerly await the unveiling of the next transformative catalyst that could propel the meme coin towards a resolute upward surge.
In the absence of a definitive date for the Shibarium upgrade, traders are eagerly anticipating its arrival. To gain insights into the potential price trajectory of the asset, Finbold sought assistance from the machine learning algorithms employed by PricePredictions, a crypto monitoring and prediction platform. On July 3, they utilized these algorithms to assess the asset’s price outlook for the end of the month.
According to its projections, SHIB’s price is anticipated to stand at $0.000008 on July 31, suggesting a marginal price increase of 3.6% from its current value.
The aforementioned prognosis is based on a wide range of technical indicators, such as moving average convergence divergence (MACD), relative strength index (RSI), Bollinger Bands (BB), and more.
SHIB price analysis
A comprehensive examination of the meme coin’s price reveals an intriguing pattern. Over the last 30 days, SHIB has demonstrated positive momentum on the market, recording 21 days of gains, constituting a remarkable 70% of the observed period.
However, potential investors should note that its price has experienced a decline of 22% over the past year, lagging behind 70% of the top 100 cryptocurrencies during this timeframe.
Presently, SHIB finds itself graded below the 200-day simple moving average at $0.0000077. Despite this, it has managed to register a modest uptick of 1.79% for the day. The meme coin’s total market capitalization stands at an impressive $4.54 billion.
Nevertheless, the data provided by IntoTheBlock on July 3 indicates that SHIB had a promising conclusion to the second quarter. Specifically, the growth of new addresses exhibited positive signs. On June 27, the number of daily new addresses surpassed 4,000, marking an impressive surge of 357% compared to its quarterly low of 877 on May 21.
This increase in new addresses suggests growing interest and adoption of SHIB during this period.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
