As an experienced crypto analyst, I’ve noticed that historical data can provide valuable insights into the potential price direction of Shiba Inu (SHIB) in the coming month. Based on previous performance, May has not been a particularly bullish month for SHIB. In fact, according to historical data from CryptoRank, SHIB has seen more red months than green ones in May, suggesting that the trend could continue.
The price of Shiba Inu, like other cryptocurrencies, has been affected by volatile sell-offs, causing uncertainty and downward pressure on its value. As April comes to a close, crypto market watchers are eagerly anticipating the potential future direction of Shiba Inu’s price. To gain some insight into possible trends, it can be helpful to examine historical data. Let’s take a look at how Shiba Inu’s price has behaved in May over the past years.
How Shiba Inu Performs In May
Based on historical records, May has generally been a less favorable month for the Shiba Inu price. As indicated by CryptoRank’s data, this cryptocurrency has experienced more price declines (red months) than gains (green months) during May. This pattern may persist in the future.
The price of Shiba Inu last finished with a positive gain in May back in 2021, during the peak of the bull market. Specifically, the token saw a remarkable increase of approximately 355% that month. Sadly, since then, every May has resulted in a decline for this asset.
In May 2022 and May 2023, SHIB experienced significant price drops. The coin fell by 42.1% in May 2022, continuing the downtrend initiated in April with a 22% decline. Similarly, SHIB declined by 15.4% in May 2023 following a loss of 6.41% in April 2023.
Based on current trends, it appears that Shiba Inu may have experienced approximately a 24% decline by the end of April 2024. Should historical patterns persist, investors might anticipate an average reduction of around 20% in value during May.
SHIB Bears Dominate Price
As a researcher studying the cryptocurrency market, I’ve observed that throughout April, bears have held the upper hand in determining the Shiba Inu price. Contrary to expectations, the Bitcoin halving event failed to trigger a significant bullish trend. This bearish control persisted until the end of the month and seems set to continue into May.
Despite the fact that the SHIB price dropped in May during the last two bear markets, it’s crucial to acknowledge this occurrence. In contrast, market analysts predict that crypto prices will surge following the halving event. As such, there’s a strong possibility for an improvement in SHIB’s price trend.
At Coincodex, our machine learning model projects a significant surge in SHIB‘s value within the next five days, with an estimated rise of around 30%. By the end of May, this forecast suggests a substantial price increase of approximately 220%, taking the value up to around $0.00007719, which is just shy of its all-time high.
At the moment, the cost of Shiba Inu stands at $0.000023, reflecting a 6.26% drop over the past 24 hours. But according to Coincodex’s analysis, this downturn could be a sign for potential buyers.
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2024-04-30 02:11