THE Shiba Inu Price, like the rest of the crypto market, suffered uncertain headwinds due to massive sell-offs that sent prices lower. However, as April comes to an end, crypto investors are anticipating the price direction. One way to get an idea of where the price might be heading is to use historical data. Here are the historic performances of Shiba Inu in May.
How Shiba Inu behaves in May
Historical data shows that the month of May was not particularly optimistic for the Shiba Inu Price. According to data According to CryptoRank, the meme coin saw more red months in May than green months, suggesting the trend could continue.
The last time the Shiba Inu Price ended in the green in May was back in 2021, which was at the height of the bull market. In May 2021, the price increased by a total of 355%. However, since then, the months of May have turned red for assets.
In May 2022, the SHIB price fell by 42.1%, continuing the downward trend from the previous April, which saw a 22% decline. Again, in May 2023, the room itself also followed the same trend, down 15.4% after closing April 2023 with a loss of 6.41%.
Source: CryptoRank
Shiba Inu seems to be closely following the same trend as April 2024 is about to close with a loss of around 24%. If history were to repeat itself, then investors could expect an average price decline of 20% next month.
SHIB Bears Dominate Price
Throughout April, bears took over the Shiba Inu price as the Bitcoin halved did not have the expected upward effect. This continued until the end of the month, and as noted above, it looks like it will continue until the new month.
However, it is important to note that the last two years which have seen the SHIB The May price drop occurred in the midst of a bear market, so a decline is expected. This time around, the crypto market is expected to see a bullish rally as the halving is complete. Therefore, there could be a change in the tide of SHIB price.
Coincodex’s machine learning algorithm also predicted that the price of SHIB will increase until May. In the very short term, five days, the algorithm predicts an increase of around 30% above $0.00003. Then, at the end of the month, the algorithm expects the price to have increased by over 220% to $0.00007719, which is very close to its record price.
Currently, the Shiba Inu Price stands at $0.000023, with a decline of 6.26% over the last day. However, this could be a buying opportunity if the Coincodex algorithm is correct.
SHIB price at $0.000023 | Source: SHIBUSDT on Tradingview.com
Featured image from Times Tabloid, chart from Tradingview.com
