Machine Learning Algorithm Sets Shiba Inu (SHIB) Price For January 31, 2024

The Shiba Inu (SHIB) price actions since the beginning of January 2024 have been all shades of a bumpy ride that have made most SHIB holders rethink their investment choices.

Despite starting the year on an impressive note, the second-largest meme coin is currently struggling to remain afloat. 

According to the Shiba Inu (SHIB) market statistics on Coincodex, a globally recognized crypto and digital assets price tracking site, the crypto asset is changing hands at about $0.0000091. The price chart denotes a downhill price movement that has seen SHIB break below the resistance level at $0.00001, all in barely seven days.

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With January almost concluding, we have deemed it necessary to let our readers know what SHIB’s price could be by the end of the month. We employed Coincodex’s artificial intelligence (AI) algorithm engine to assist our quest. Find out what the AI technology has to say about Shiba Inu’s (SHIB) price by January 31.

Shiba Inu (SHIB) January 31 Price Prediction

According to Coincindex’s 5-day-to-date price prediction tool, sentiment on Shiba Inu (SHIB) for the next five days will be bearish, with SHIB  trading at approximately $0.0000085. 

The above price implies that Shiba Inu (SHIB) could be on the verge of declining by about 6.59%.

Going further, Coincodex said that based on its technical indicators, both current sentiment and fear and greed index have shown neutrality.

The above price outlook does not appear encouraging, and the Shiba Inu (SHIB) holders can only hope for the best as there is no guarantee that events will play out as stated. Nevertheless, it is pertinent to note that Coincodex’s predictions were based on analyzing market trends like Moving Average Convergence Divergence (MACD), Relative Strength Index (RSI), Moving Average (MA), Bollinger Bands (BB), etc.

Read Also: Shiba Inu (SHIB) To $0.10? ChatGPT and Google Bard State Likely Timeline

Shiba Inu (SHIB) In The Top Three In Robinhood’s Crypto Portfolio

The Shiba Inu (SHIB) turbulent price actions did not stop Robinhood, an American-based trading platform, from accumulating large amounts of SHIB coins.

In one of our recent reports, we revealed how Robinhood has been accumulating SHIB since April 2022 after listing the meme coin on its investing firm. 

Shiba Inu (SHIB) is currently the third largest crypto holding on Robinhood with 36.91 trillion SHIB, all valued at roughly $339.57 million.

The two cryptocurrencies above Shiba Inu on Robinhood’s portfolio are the two largest cryptocurrencies Bitcoin (BTC) and Ethereum (ETH). Although Shiba Inu (SHIB) is currently ranked eighteenth in the crypto market, its position on the investing platform says a lot about its popularity and relevance.

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