Shiba Inu is showing signs of improvement following a sudden crash in the cryptocurrency market. As investors regain confidence, a machine learning algorithm forecasts further growth for the meme coin in the upcoming week.
Prediction of 30% Price Surge by Machine Learning Algorithm
Contrary to prevailing negative market sentiment, CoinCodex’s machine learning algorithm has projected an increase in Shiba Inu’s price. The algorithm’s analysis indicates a bullish 5-day forecast, expecting the meme coin to surge by over 30%.
Factoring in various indicators, the algorithm highlights investors’ strong appetite for Shiba Inu, with a significant Fear & Greed Index score of 74. This sentiment suggests a willingness to invest in the market.
The algorithm’s prediction indicates a rise to 0.00002819 in the next five days from the current price of $0.00002188, indicating a 30.25% increase by the following week. It anticipates an even more substantial rise in the longer term, nearing previous all-time high values, with a projected 228.44% surge to $0.00007110 in a month.
Continued Shiba Inu Accumulation Trend
Despite growing bearish sentiment, an opportunity has emerged for investors to enter the market. There has been an uptick in the accumulation of Shiba Inu, with data from Santiment indicating a drop in Shiba Inu holdings on exchanges compared to the past month.
Typically, an increase in an exchange’s cryptocurrency balance signifies deposits for selling, while a decrease suggests buying and accumulation in anticipation of higher prices. Currently, there is a 2.4% reduction in exchange balances over two weeks, indicating increased accumulation.
If the machine learning algorithm’s forecast holds true, the current Shiba Inu price may represent a favorable entry point. With expectations of a bullish market towards the end of the year, Shiba Inu potentially hitting new all-time highs could be on the horizon.
