In a fairly recent turn of events, the cryptocurrency market has demonstrated a remarkable revival. Amongst the numerous altcoins drawing notable attention is the Shiba Inu (SHIB). If the inferences drawn through this contemporary machine learning algorithm are to be considered, the owners of SHIB potentially stand on the lip of a well of future profits.
Forecasts indicate a pivotal uptick in the price of SHIB by December. Computing figures from the price prediction algorithm of the crypto analysis platform, CoinCodex, the price of SHIB is predicted to touch $0.000009534 by the eleventh day of December. This price boost signifies approximately a 10% increase from its current trading price.
As it stands, optimism and bullish sentiments are widespread amongst stakeholders of the token, with many anticipating further increase despite the considerable gains already made. Propelled by this positive sentiment, aspirations towards CoinCodex’s prediction becoming a reality seem highly plausible. Increased participation from heavyweight investors as well as smaller retail ones could further escalate buying pressure, a critical determinant of whether SHIB can sustain its momentum to realize CoinCodex’s projection.
Enhancing the optimistic outlook, CoinCodex cites that 24 out of 28 technical analysis indicators are hinting towards a bullish future, suggesting that the present remains a lucrative phase for investing in this meme coin.
Moreover, another vital metric CoinCodex underscored was Shiba Inu’s Relative Strength Index (RSI) value, which currently hovers around 63.05. Thus, portraying that the token is neither in an overbought nor an oversold state. CoinCodex’s five-day prediction, expecting a correction to about $0.000008008, might serve as a potential pointer for the right time to invest in this token.
Adding further to the robust prospects of Shiba Inu, developments within its ecosystem continue to burgeon, mirroring the bullish trends observed in its charts and technical analysis. The latest defining moment was the inception of the SHIB non-custodial wallet, launched to further the ecosystem’s vision of a decentralized state and amplify the crypto experience of its user base, playfully termed Shibizens.
Equipped with specialized attributes that tackle the inherent concerns related to using a non-custodial wallet, the wallet facilitates token recovery for users who might lose their seed phrase. Furthermore, its integration with Web3Auth simplifies the user onboarding process.
At the time of writing, CoinMarketCap data shows SHIB trading at approximately $0.000009465, marking a substantial increase of over 14% within 24 hours.