While the world is reeling from the massive collapse in many markets, including the cryptocurrency industry, Shiba Inu (SHIB) is no exception to the current situation, recording a massive drop on the charts, and artificial intelligence (AI) algorithms are also pessimistic.
Indeed, the Shiba Inu followed a broader trend in the crypto sector, which has seen a sharp decline in many crypto assets, including the flagship asset of decentralized finance (DeFi), Bitcoin (BTC), whose price has fallen more than 15% in a single day.
Price forecast for the Shiba Inu breed
In this context, advanced artificial intelligence and machine learning algorithms on the cryptoanalytics platform PriceForecasts suggest that the popular meme token doge may continue to decline and peak at $0.000009730 on August 31, 2024, according to data obtained on August 5.
Specifically, if this price target is correct, it would point to a 14.72% decline, according to the platform’s algorithm, which uses technical indicators such as Moving Average Convergence Divergence (MACD), Relative Strength Index (RSI), Average True Range (ATR), Bollinger Bands (BB), and others.
On the other hand, Aaron Arnold, the host Altcoin Daily The channel highlighted the Shiba Inu as one of the meme coins that could potentially become popular before 2025, as part of several altcoin stories to watch and prepare for the predicted altcoin surge.
Overall, the situation may look bleak for the SHIB price in the next few weeks, as it does for most assets in the crypto sector, but it may not stay that way. However, doing your own research and keeping up with any news about SHIB is important when investing, as trends can easily change.
Disclaimer: The content of this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
