As an experienced analyst, I find the recent prediction by the machine learning algorithm at CoinCodex regarding Shiba Inu’s price movement intriguing, to say the least. Based on historical data and market trends, it is not uncommon for bearish sentiment to dominate the crypto market during periods of volatility. However, this bullish prediction from a machine learning algorithm comes as a welcome surprise.
As a data analyst, I’ve noticed Shiba Inu (SHIB) bouncing back after a sudden downturn in the cryptocurrency market last Thursday. This revival has sparked optimism among investors once again. Interestingly, my machine learning algorithm is indicating that SHIB may continue to climb in value leading up to next week.
Machine Learning Algorithm Says SHIB Price Will Jump 30%
In an unexpected turn contradicting the prevailing pessimistic outlook in the crypto sphere, the advanced machine learning model at CoinCodex anticipates a price hike for Shiba Inu, with estimates suggesting a substantial gain of over 30% within the next five days.
Based on various signals, the machine learning model has found that investors’ avarice towards the meme coin remains unabated. The Fear & Greed Index, which stands at 74, indicates that investors continue to be eager to invest in this market.
As a machine learning analyst, I’ve been closely monitoring the trends in the Shiba Inu market. Based on current data and forecasting models, I anticipate that the coin’s value could potentially reach $0.00002819 within the next five days. This represents an impressive predicted increase of around 30.25% from its current price of $0.00002188.
Over a one-month span, the machine learning model projects a significant surge in Shiba Inu’s price. It predicts a 228.44% increase, bringing the token close to its old record high of $0.00007110. Interestingly, despite this bullish outlook, the sentiment towards SHIB among investors is currently negative, potentially making it an opportune moment to purchase the cryptocurrency.
Shiba Inu Accumulation Continues
With increasing bearishness among investors, the cryptocurrency market presents a rare chance for entry. Seizing this opportunity, investors have been amassing holdings in recent weeks. Notably, according to Santiment’s on-chain data, the Shiba Inu tokens held on exchanges have significantly decreased compared to the previous month.
In simpler terms, when the amount of a cryptocurrency held by exchanges increases, it typically indicates that investors are preparing to sell. Conversely, a decrease in the cryptocurrency holdings by exchanges suggests that investors are actively buying and hoarding the asset, anticipating lower prices in the future. Currently, exchange balances for this particular cryptocurrency have dropped by 2.4% over the past two weeks.
If the machine learning model’s forecast is on target, it’s plausible that the Shiba Inu price has reached a bottom for the time being. With a bull market anticipated towards the end of the year, it’s likely that SHIB will hit new record highs.
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2024-06-15 07:11