Machine Learning Algorithm Predicts 109% Surge For Shiba Inu Price, The Timeline Is Shocking

The Shiba Inu price has seen a slight decline over the past 24 hours, suggesting that some traders could also be taking profits after its recent price rally that peaked at $0.00001972. This dip, nonetheless, hasn’t dampened the overall bullish outlook for the meme coin. In keeping with predictions from CoinCodex, a machine learning algorithm, the Shiba Inu price is ready to keep up its upward trajectory throughout the week. Particularly, CoinCodex is predicting a considerable 109% increase, which might position Shiba Inu to succeed in a recent 2024 high if realized.

CoinCodex Predicts Interesting Surge For Shiba Inu Price

CoinCodex’s machine learning algorithm provides an optimistic forecast for the Shiba Inu price trajectory this week. Despite a slight recent decline, Shiba Inu’s Fear & Greed Index, a well-liked tool for gauging investor sentiment, stands at 69 at a “greed” state, which regularly aligns with increased buying interest.

In keeping with the forecast by CoinCodex, the Shiba Inu price is heading in the right direction to hit $0.00003679 in the following five days. On the time of writing, Shiba Inu is trading around $0.00001743 and nearing a critical support level. CoinCodex’s prediction anticipates a gentle reversal from this point, projecting Shiba Inu to succeed in $0.00001752 on November 2, climb to $0.00002256 by November 3, then $0.00002937 on November 4, and proceed rising to $0.00003650 on November 5. The ultimate goal for November 6 is ready at $0.00003679, which might represent a powerful 110% return from Shiba Inu’s current price.

Source: CoinCodex

What’s Next For SHIB?

A surge to this level would see the meme coin breaking past its current 2024 high of $0.00003592, which might more than likely divulge heart’s contents to the stage to FOMO and cause more rallies. Nonetheless, despite this optimistic short-term outlook, CoinCodex’s projections beyond November 6 indicate that Shiba Inu may face a notable correction in the times that follow.

In keeping with CoinCodex’s evaluation, the Shiba Inu price is predicted to shut the month of November at around $0.00001782. For this prediction to materialize, Shiba Inu would want to reverse nearly the entire gains it’s projected to realize in the approaching days. Nevertheless, a reversal to $0.00001782 could arrange the bottom floor for one more regular increase before the tip of 2024.

As noted by CoinCodex, Shiba Inu has support levels at $0.00001698 and the strongest support at $0.00001614. On the upside, Shiba Inu faces resistance at several strategic levels, including $0.00001881, $0.00001964, and $0.00002014. Each of those resistance points has the potential for intensifying selling pressure at each level.

Shiba Inu is currently down by 7% up to now 24 hours, which is a testament to the intensely volatile nature of meme coins. It’s now on its technique to retesting the support $0.00001698, which could make or break the projected rally.