Shiba Inu starting to see benefits after a surprising crash rocked the crypto market on Thursday. As SHIB’s rally brings renewed hope to investors, a machine learning algorithm has predicted further upside for the meme coin next week.
Machine learning algorithm says SHIB price will increase by 30%
In a surprising twist that goes against the bearish sentiment that seems to dominate the crypto market, CoinCodex’s machine learning algorithm has predicted a further increase in price for Shiba Inu. The machine learning algorithm’s 5-day forecast is one of the most optimistic, suggesting that the meme coin will see its price increase by over 30% from here.
Taking into account a number of indicators, the machine learning algorithm revealed that investors are still very greedy when it comes to meme coins. With a score of 74 on the Fear & Greed Index, investors are willing to put money into the market.
Given the optimism expected from Shiba Inu, the machine learning algorithm predicts that it will reach 0.00002819 in the next five days. To recall, the price at the time of prediction is $0.00002188, which means the price is expected to increase by 30.25% within the next week alone.
Over a longer period of one month, the machine learning algorithm expects prices to rise even more. This puts Shiba Inu close to its previous all-time high price, expecting a 228.44% rise to $0.00007110. This comes as the machine learning algorithm shows that SHIB feeling is bearish, which could make it the best time to buy the cryptocurrency.
Shiba Inu buildup continues
As bearish sentiment appears to be intensifying, this presents a unique opportunity for investors to jump into cryptocurrency. Investors benefited from this, as the accumulation trend intensified last month. Data from Santiment on-chain data tracker watch that the Shiba Inu Balance on exchanges fell compared to last month.
Usually, when a cryptocurrency’s trading balance increases, it means investors are depositing to sell. On the other hand, when foreign exchange balances fall, it means that investors are buying and accumulating while waiting for better prices. This is what is happening now as foreign exchange balances fall by 2.4% in two weeks.
If the machine learning algorithm’s prediction is accurate, then it may be as low as possible. Shiba Inu Price It could be in a while. With an uptrend expected to start later in the year, SHIB could reach new all-time highs.
Featured image created with Dall.E, chart from Tradingview.com
