thecryptobasic.com
Shiba Inu (SHIB) started this year on a bearish note, and Artificial Intelligence (AI) algorithms have teased whether or not it will end January on a bullish note.
Shiba Inu entered 2024 with a price of $0.00001036 after picking a relatively positive surge toward the tail end of last year. However, the outlook for the token has been bad this year, with the price dropping by 15.58% Year-to-Date (YTD).
However, according to CoinCodex’s AI algorithm engine, the token is on track to end the month by erasing one zero from its price despite the bearishness.
This is a daunting challenge, considering the price of SHIB has plunged to $0.000008831, down 1.83% in the past 24 hours. The trading volume has also dropped by 9.93% to $88,181,626, indicating reduced interest.
SHIB Predictions From CoinCodex
Per the CoinCodex forecast, Shiba Inu will trade in the green and rise to $0.00001166 by January 31. As an analytics and prediction-based platform, CoinCodex relies on analyzing trends in a token’s Moving Average (MA), Relative Strength Index (RSI), Bollinger Bands (BB), and Moving Average Convergence Divergence (MACD).
Per the forecast for Shiba Inu, the AI algorithm acknowledged that a 25% surge is possible for SHIB in the next six days. Beyond this weekly forecast, CoinCodex believes more upsurge lies ahead for the digital currency in the coming 3 to 6 months.
The crypto ecosystem, particularly assets such as Shiba Inu, typically embodies wild volatility swings. This implies that the CoinCodex forecast may or may not play out as anticipated.
The Subtle Shiba Inu Dilemma
While short-term price projections are typically not tedious, the projections by other AI chatbots like Google Bard and OpenAI’s ChatGPT have also showcased how unreliable forecasts from Artificial Intelligence algorithms can be.
The disparity in predictions from AI applications is one subtle dilemma among investors tracking Shiba Inu’s growth performance.
With an extended supply and little improvements recorded in the burn rate, chances of significant price surges are low, and the general market sentiment might also mar SHIB’s chances for growth if the current trend is sustained.