#Shibainu (SHIB) has dropped drastically since August, when it hit a four-month high, with losses in 2023 approaching 10%.
This decline is part of a larger market-wide selloff in cryptocurrencies and caps a difficult year for meme currencies, which saw only brief periods of growth.
With the general public's outlook on $SHIB being pessimistic and the crypto market being more volatile, has resorted to predictive analytics to better understand the near-term potential of the second largest meme crypto asset.
Data gathered on October 3 indicates that SHIB will trade at $0.000007260, a fall of around 0.6% from its current price, according to the machine learning (ML) algorithms on PricePredictions.
Average true range (ATR), Bollinger Bands (BB), moving average convergence divergence (MACD), and relative strength index (RSI) are only few of the technical analysis (TA) indicators utilised extensively in the ML-powered price forecast.
Analysis of the SHIB Price
SHIB was trading at $0.000007305 at press time, down 3.75 percent over the last 24 hours.
The value of the meme-inspired digital asset rose by 0.4% over the last week, but it is still down 6.5% over the past month.
Fifteen of Shiba Inu's thirty days were green, or fifty percent.
But its value has dropped by 34% over the previous 12 months, underperforming 64 of the top 100 cryptocurrencies in terms of price appreciation, including Bitcoin (BTC) and Ethereum (ETH).
Also, Shiba Inu is still down 92% from its all-time high in October 2021, and the price is trading below the 200-day simple moving average (SMA).
So, SHIB is still viewed negatively, even if its 30-day volatility has decreased to a moderate 2.09% in recent times.