The Shiba Inu is starting to see some upside after the flash crash that rocked the cryptocurrency market on Thursday. As SHIB's recovery brings renewed hope among investors, a machine learning algorithm has predicted further rise for the meme coin in the coming week.
Machine learning algorithm says SHIB price will jump 30%
In a surprising development that goes against the downward trend that seems to be dominating the cryptocurrency market, CoinCodex's machine learning algorithm… And he expected Another increase in the price of the Shiba Inu. The machine learning algorithm's 5-day forecast is one of the most bullish, suggesting that the meme coin will see a price increase of 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 the meme coin. With a score of 74 on the Fear and Greed Index, investors are willing to put their money into the market.
Given the expected upward trend of the Shiba Inu, the machine learning algorithm predicts that it will reach 0.00002819 in the next five days. For context, the price at the time of the forecast is $0.00002188, which means the price is expected to rise by 30.25% by next week alone.
On the longer time frame of 1 month, the machine learning algorithm expects a larger price push. It puts the Shiba Inu near its previous all-time high price, forecasting a 228.44% rise to $0.00007110. This comes as a machine learning algorithm shows that SHIB sentiment is bearish, which could make it the best time to actually buy the cryptocurrency.
Shiba Inu buildup continues
With bearish sentiment on the rise, it has presented a unique opportunity for investors to get into cryptocurrency. Investors have taken advantage of this, with the accumulation trend rising in the past month. Data from on-chain data tracker Santiment Offers Shiba Inu stock on exchanges has decreased compared to last month.
Typically, when a cryptocurrency exchange balance rises, it means investors are making a deposit to sell. On the other hand, when exchange balances decline, it means that investors are buying and accumulating, waiting for better rates. The latter is what is happening now, as exchange balances fall by 2.4% within two weeks.
If the machine learning algorithm's prediction is accurate, this could be the lowest the Shiba Inu's price has been able to reach in a while. With a bull run expected to begin in the latter part of the year, SHIB's rise to all-time highs may be inevitable.
Featured image created with Dall.E, chart from Tradingview.com