The machine learning algorithm at CoinCodex has predicted where the Shiba Inu price will be going toward the end of February. SHIB, which has not had the best of performances this month, is still seeing upside nonetheless, but it seems the machine learning algorithm does not believe that this recovery will continue.
Algorithm Expects Shiba Inu Price To Retrace
The CoinCodex machine learning algorithm takes into account a number of factors and uses this to come up with a prediction for the price of a cryptocurrency. For Shiba Inu, the prediction for the next five days is more bearish than expected.
Although the Shiba Inu price is currently trading above the $0.000009 level, the machine learning algorithm expects this to be short-lived. The 5-day prediction came out to be $0.0000089, which is a 6% drop from where the meme coin is currently trading.
However, on a longer timeframe of one month, the machine learning algorithm is much more bullish on the Shiba Inu price. Following the expected decline, it predicts that the SHIB price will end up recovering and rising above the $0.00001 mark once more. If this happens, it would be a more than 10% increase from the low $0.0000089 prediction for February.
The prediction comes at a time when the broader crypto market is experiencing a recovery, so a drop could be going against the grain. However, since it’s in the very short term, such a drop in price will not have much of an effect in the long run.
Can SHIB Price Reach $1?
The Shiba Inu price reaching $1 has been a long-standing discussion among investors, but the sheer size of the coin’s supply has always served as a hindrance to this. The CoinCodex machine learning algorithm does not see the SHIB price reaching that high this decade and expects subpar performance from the coin.
For example, it expects SHIB’s highest point in 2025 to be $0.00002029, and that the price will not reach its previous all-time high of $0.00008 for the next five years. Then, in 2030, the machine learning algorithm puts the highest point for the SHIB price at $0.00008555, meaning it expects SHIB to make a new all-time high six years from now.
Presently, the SHIB price is seeing limited upside, with only a 1.78% increase in the last 24 hours, according to data from CoinMarketCap. Its market cap is sitting at $5.69 million, making it the 17th-largest cryptocurrency in the space.
from Bitcoinist.com https://ift.tt/YRM6fuH
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