By early September 2024, most of the major meme coins have already left their 2024 highs far behind, and there are serious doubts that they will regain them before the end of the year, as these cryptocurrencies have shown nothing but decline in recent months.
One of the most popular Ethereum-based cryptocurrencies, Shiba Inu (SHIB), has not escaped this belief.
While the ERC-20 token is still 28.87% in the green on the year-to-date (YTD) chart, it has fallen 62.09% over the past six months and 6.35% over the past seven trading days. Meanwhile, SHIB is trading at $0.0000131 as of press time, after a 24-hour gain of 0.27%.
Moreover, meme coins aren’t the only cryptocurrency market participants to be sliding in recent weeks. Many other digital assets — Bitcoin (BTC) and Solana (SOL) perhaps most notably — are also in the red, leaving many traders wondering whether the current downturn is just a temporary bump in the road or the start of a new “crypto winter.”
In search of answers for investors, at least regarding the Shiba Inu breed, Finbold turned to the predictive algorithms of a platform that specializes in forecasting asset prices. Price forecasts – about where SHIB might end up on the last day of September.
Machine Learning Algorithm Predicts SHIB Price on September 30
Unfortunately for those hoping for meme stocks, PriceForecasts’ Machine learning algorithms predict that SHIB will continue to decline throughout September.
Indeed, the popular meme coin is expected to fall by around 8.40% to $0.000012 over the next seven days and further to $0.000011 by September 30.
Technical Analysis (TA) from Stocks & Cryptocurrency Analysis Platform TradeView September 5 confirms the algorithm’s conclusion. Regardless of whether it is based on the previous 24 hours, 7 or 30 days of market activity, SHIB is generally rated as a “sell”.
The oscillators remain firmly stuck at the “neutral” level, but the moving averages (MA) show a “strong sell” except when the entire previous month is considered, in which case they improve slightly and show a “sell”.
Can SHIB Reverse September’s Slump?
However, while the outlook for the Shiba Inu is bleak, it is worth remembering that all cryptocurrencies, and especially meme coins, are extremely volatile, and if anything, the relative smoothness PricePrediction’s The forecast calls into question its reliability.
However, the fact that SHIB is below both its 50-day simple moving average (SMA) of $0.00001502 and its 200-day SMA of $0.00001962 leaves no doubt that the meme coin is decisively in a downtrend.
On the other hand, at the time of publication, Shiba Inu is holding above the nearest support level at $0.00001291, which indicates the possibility of at least an end to the decline soon.
Several new technical developments bolster the optimistic case for SHIB, including a new combustion mechanism unveiled in mid-August and, most recently, ShibDev Portal – a tool designed to make dApps development in the ecosystem significantly more accessible and streamlined.
The ShibDev Portal The situation with Shiba Inu looks particularly promising, as the net flow of large holders of the meme coin has increased by 265% in the last seven days, the time since the developers were invited to participate in the first major round. However, it is worth noting that this has not had a noticeable impact on the price of the cryptocurrency, which has fallen by 7.52% in that period.
Disclaimer: The content of this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
