Since reaching a four-month peak in August, Shiba Inu (SHIB) has taken a sharp nosedive, pushing its 2023 losses to nearly 10%.
This descent comes amidst a broader downturn in the cryptocurrency market, marking a challenging year for meme cryptocurrencies, with only sporadic short-term rallies.
With the prevailing sentiment for SHIB leaning bearish and increasing uncertainty in the crypto sphere, Finbold has turned to predictive analytics to shed light on the near-term prospects of the second-largest meme crypto asset.
According to the data retrieved on October 3, the machine learning (ML) algorithms on PricePredictions project SHIB to trade at $0.000007260, implying a slight price decrease of roughly 0.6% from its current price.
The ML-powered price prediction relies on a thorough analysis of widely-used technical analysis (TA) indicators, including average true range (ATR), Bollinger Bands (BB), moving average convergence divergence (MACD), and relative strength index (RSI).
SHIB price analysis
At the time of publication, SHIB was changing hands at $0.000007305, down 3.75% in the past 24 hours.
The meme-inspired digital asset saw a slight gain of 0.4% in the last week, though it remains 6.5% down on a monthly basis.
During that period, Shiba Inu had 15/30 green days (50%).
However, over the past year, the cryptocurrency’s price is down 34%, lagging behind in performance to 64% of the top 100 cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH).
In addition, Shiba Inu is trading below the 200-day simple moving average (SMA) and remains down 92% from its all-time high reached in October 2021.
As a result, the overall sentiment around SHIB remains bearish, although its 30-day volatility somewhat improved lately, sitting at a medium level of 2.09%.
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