The Shiba Inu price has fallen slightly over the past 24 hours, indicating that some traders may be taking profits after the recent price increase that peaked at $0.00001972. However, this dip has not dampened the price general bullish outlook for the meme coin. According to predictions from CoinCodex, a machine learning algorithm, the Shiba Inu price will continue on its upward trajectory throughout the week. In particular, CoinCodex predicts a substantial increase of 109%, which would allow Shiba Inu to reach a new high in 2024, if realized.
CoinCodex predicts interesting price rise for Shiba Inu
CoinCodex’s machine learning algorithm provides a optimistic forecast for the Shiba Inu prize track this week. Despite a slight recent decline, the Shiba Inu Fear & Greed Index, a popular tool for measuring investor sentiment, sits at 69 in a “greed” status, which often aligns with increased buying interest.
According to CoinCodex’s prediction, the Shiba Inu price is on target to reach $0.00003679 in the next five days. At the time of writing, Shiba Inu is trading around $0.00001743 and approaching a critical support level. CoinCodex’s forecast expects a steady reversal from this point, with Shiba Inu expected to reach $0.00001752 on November 2, rise to $0.00002256 on November 3, then $0.00002937 on November 4, and continue to rise to $0.00003650 on November 5. The final goal for November 6 has been set. at $0.00003679, which would represent an impressive 110% return on Shiba Inu’s current price.
What’s next for SHIB?
A rise to this level would see the meme coin break past its current 2024 high of $0.00003592, which would most likely open the stage for FOMO and trigger more rallies. However, despite this optimistic short-term outlook, CoinCodex’s projections after November 6 indicate that Shiba Inu may be in for a notable correction in the days that follow.
According to CoinCodex analysis, the Shiba Inu price is expected to close the month of November at around $0.00001782. For this prediction to become reality, Shiba Inu would have to reverse almost all the gains it is expected to make in the coming days. Nevertheless, a reversal to $0.00001782 could see the ground level again on a steady rise before the end of 2024.
As noted by CoinCodex, Shiba Inu has support levels at $0.00001698 and the strongest support at $0.00001614. On the upside, Shiba Inu is facing resistance at several strategic levels including $0.00001881, $0.00001964, and $0.00002014. Each of these resistance points has the potential to intensify selling pressure at any level.
Shiba Inu is currently down 7% in the last 24 hours, which is a testament to the intensely volatile nature of meme coins. It is now on track to retest the support at $0.00001698, which could make or break the expected rally.
Featured image created with Dall.E, chart from Tradingview.com