Meme cryptocurrency Shiba Inu (SHIB) ended 2022 by failing to repeat the gains of the 2021 bull run. Overall, the asset was hit by the crypto industry meltdown as events like the FTX stock market crash affected investor confidence.
The algorithm determines the SHIB price for January 31, 2023!
However, the machine learning algorithm in PrecePredictions predicts that SHIB will extend the downtrend until January 2023. According to the forecast, the decentralized finance (DeFi) asset will likely trade at $0.000008036. The estimate represents a decrease of approximately 1% from the price of SHIB at the time of publication.
The forecast takes into account technical indicators such as moving average (MA), moving average convergence divergence (MACD), relative strength index (RSI), and Bollinger Bands (BB), among others.
Shiba Inu 30 day price forecast. Source: Price Estimates
With the PricePredictions forecast highlighting a bleak future for SHIB, the CoinMarketCap crypto community is optimistic about the token’s future. According to the community, SHIB will likely trade at an average price of $0.00001102 on January 31, 2023.
Shiba Inu price analysis
At press time, the Shiba Inu was trading at $0.0000082, up about 1.6% in the last 24 hours to expand its horizontal trading pattern.
Shiba Inu one day price chart. Source: Finbold
The performance of the Shiba Inu largely depends on how the overall crypto industry price action will turn out. At the same time, the asset will depend on increased network activity such as accelerated burn rate aimed at improving the utility of SHIB.
Significantly, the price of SHIB failed to replicate the impact of network activity, although the token remained popular despite its failure to recover. Along this line, Shiba Inu was among the top three most-watched cryptos for 2022 on the Binance crypto exchange.
Disclaimer: The content on this site should not be considered investment advice. Investment is speculative. When investing, your capital is at risk.