Shiba Inu is beginning to rise after the unexpected crash that rocked the cryptocurrency market on Thursday. Machine learning algorithms are predicting further gains for the meme coin heading into next week as SHIB’s recovery brings new hope to investors.
Machine learning algorithm predicts SHIB price will rise by 30%
Contrary to the bearish sentiment that seems to dominate the cryptocurrency market, CoinCodex's machine learning algorithm has predicted that Shiba Inu's price will rise further. The machine learning algorithm's five-day forecast is one of the most bullish, suggesting that the meme coin's price will rise by more than 30% from here.
The machine learning algorithm took into account several metrics and revealed that investors remain extremely greedy when it comes to meme coins. With a score of 74 on the fear and greed index, investors are willing to pump money into the market.
Considering the expected bull market for Shiba Inu, the machine learning algorithm predicts that it will reach 0.00002819 in the next 5 days. Incidentally, the price at the time of prediction is $0.00002188, which means that the price is expected to rise by 30.25% in the next week alone.
Over a longer period of one month, the machine learning algorithm predicts the price to rise even further. Shiba Inu is expected to approach its all-time high and rise 228.44% to $0.00007110. This comes at a time when the machine learning algorithm is indicating that sentiment for SHIB is bearish, which could actually make it the best time to buy the cryptocurrency.
The Shiba Inu collecting continues
Bearish sentiment appears to be on the rise, creating a unique opportunity for investors to enter the cryptocurrency. Investors have taken advantage, leading to an increased accumulation trend last month. Shiba Inu balances on exchanges have plummeted compared to last month, according to data from on-chain data tracker Santiment.
Typically, when cryptocurrency exchange balances rise, it means investors are saving to sell. On the other hand, when exchange balances fall, it means investors are buying and accumulating while waiting for better prices. The latter is happening now, as exchange balances have plummeted 2.4% in two weeks.
If the machine learning algorithm's prediction is accurate, this could be the lowest Shiba Inu prices will be in a while. With a bull market expected to begin later this year, it may be inevitable that Shiba Inu will reach new all-time highs.
Featured image created by Dall.E, charts taken from Tradingview.com
