Like every other cryptocurrency, Shiba Inu (SHIB) had a bumpy January characterized by unpredictable price movements.
Despite starting January above $0.00001, Shiba Inu (SHIB) maintained the price level transiently before declining even below $0.000009 at some point.
Currently, the canine-themed crypto asset is trading at about $0.0000091, reflecting a 0.3% spike in the past 24 hours, according to CoinGecko, a crypto asset price tracking platform.
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In the long-term outlook, the tracking site also revealed that SHIB has dropped by about 26.7% in its Year-to-Date (YTD) market trend.
Amid the gloomy outlook, a machine learning model has predicted a possible price for Shiba Inu (SHIB) for the end of February.
What CoinCodex Says
The machine learning artificial intelligence (AI) models employed at Coincodex speculated that Shiba Inu (SHIB) will plunge below $0.000009 by the end of February.
The AI algorithm cited a price target of about $0.0000085 for SHIB by February 29. Based on current price standings, SHIB’s potential drop to the highlighted price level would imply a plunge of about 6.6%.
Meanwhile, other indicators on the analytical platform revealed that sentiment on Shiba Inu (SHIB) is bearish, with the “Fear and Greed index” at 60. Volatility was pegged at 3.79%, while 15 days in the last 30 days printed green across the Shiba Inu (SHIB) price charts.
Whether the price projection spotlighted above will happen remains to be seen. However, it is worth noting that the machine algorithm at Coincodex is renowned for basing its analysis on several indicators ranging from Simple Moving Averages (SMAs), Exponential Moving Average (EMA), Relative Strength Index (RSI), etc.
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Shiba Inu (SHIB) Price prediction For January 31, 2024
Earlier in January, we consulted insights from the same machine learning algorithm to predict the Shiba Inu (SHIB) potential price by January 31. As of then, the machine learning algorithm model predicted SHIB’s decline to about $0.0000085.
Having gone through SHIB price charts, we discovered that on January 31, 2024, SHIB still sold around the $0.000009 level. However, it declined at some points to trade around $0.000008, which is very close to the projected price target in January. It is left to see what happens by February 29.
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