Shiba Inu is starting to see some upside after a surprising crash rocked the crypto market on Thursday. As the SHIB recovery brings renewed hope among investors, a machine learning algorithm has predicted further upside for the meme coin going into next week.
Machine Learning Algorithm Says SHIB Price Will Jump 30%
In a surprising twist that goes against the bearish sentiment that seems to be dominating the crypto market, the machine learning algorithm at CoinCodex has predicted a further increase in price for Shiba Inu. The machine learning algorithm’s 5-day prediction is one of the most bullish, suggesting that the meme coin will see an over 30% increase in price 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 & Greed Index, investors are willing to put money into the market.
Given the expected bullishness from 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 prediction is $0.00002188, which means that the price is expected to rise 30.25% by next week alone.
On the longer timeframe of one month, the machine learning algorithm expects an even bigger push for the price. It puts Shiba Inu close to its previous all-time high price, expecting a 228.44% rally to reach $0.00007110. This comes while the machine learning algorithm shows that SHIB sentiment is bearish, which could make it the best time to actually buy the cryptocurrency.
Shiba Inu Accumulation Continues
As bearish sentiment seems to be mounting, it has presented a unique opportunity for investors to get in on the cryptocurrency. Investors have taken advantage of this, with the accumulation trend rising in the last month. Data from the on-chain data tracker Santiment shows that the Shiba Inu balance on exchanges have plummeted compared to last month.
Usually, when the exchange balance of a cryptocurrency goes up, it means investors are depositing to sell. On the other hand, when the exchange balances fall, it means that investors are buying and accumulating in wait for better prices. The latter is what is happening now as the exchange balances plummet 2.4% in two weeks.
If the machine learning algorithm’s prediction is accurate, then it is possible that this is the lowest that the Shiba Inu price could be in a while. With a bull run expected to kick off at the later part of the year, SHIB going to new all-time highs could be inevtiable.
Featured image created with Dall.E, chart from Tradingview.com
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