Shiba Inu (SHIB) Price Prediction Suggests Modest Upturn in the Future

Despite the volatility in the cryptocurrency market, the price of Shiba Inu (SHIB) has remained relatively flat compared to other altcoins. However, a machine learning-based price prediction tool foresees a slight upturn for SHIB in the near future.

According to PricePredictions, a crypto analytics platform that utilizes advanced machine learning algorithms, SHIB is expected to trade at $0.000007828 on August 25, 2023. This projection indicates a potential upside of approximately 0.7% compared to Shiba Inu’s current price.

The prediction is based on a thorough analysis of various technical analysis indicators such as average true range (ATR), Bollinger Bands (BB), moving average convergence divergence (MACD), relative strength index (RSI), and more.

At the time of writing, Shiba Inu is priced at $0.000007773, reflecting a 0.6% increase in the past 24 hours. While its weekly performance shows a 1.3% rise, its monthly performance stands at -2%.

Although the recent price gains have been modest, on-chain data reveals a growing popularity of Shiba Inu among new crypto investors. The new adoption rate, a metric employed by the blockchain intelligence platform IntoTheBlock, indicates a significant increase in the number of daily new addresses making their first SHIB transactions. This rate has risen from around 30% to nearly 65% in recent times, reaching the highest level in several months.

These developments suggest a renewed interest in the beloved meme token, indicating the potential for SHIB’s value to strengthen in the future.

Disclaimer: The information provided should not be considered investment advice, as investing in cryptocurrencies carries speculative risks and can result in capital loss.