Anticipations for the cryptocurrency market and altcoins like Shiba Inu have surged significantly as we approach the conclusion of September. However, with a week left in the month, there is still plenty of time for significant developments in the realm of digital assets. For Shiba Inu, these advancements could be particularly favorable, as indicated by the machine learning algorithm from CoinCodex, which foresees the potential for the SHIB price to more than double from its current position.
Optimistic Projections for the Final Days of September
Similar to the broader cryptocurrency market, the Shiba Inu price experienced several downturns during the third quarter of 2024. This resulted in a price drop to levels not witnessed since the start of the year. Nevertheless, this decline has presented an opportunity for investors to acquire the meme coin at a reduced price. With the price beginning to bounce back, Shiba Inu investors might be looking at a wave of optimism ahead.
The CoinCodex machine learning algorithm, which employs various indicators to forecast the future price trajectory of cryptocurrencies, has forecasted a positive shift for the Shiba Inu price. The short-term projection covering the next five days suggests that the recovery is just getting started.
From this point, the algorithm has outlined a probable scenario for the Shiba Inu price, predicting an increase to $0.00003084. This represents a 113.06% boost, a prediction which could see the price more than double. Compellingly, this is anticipated to occur within just five days.
However, over a longer period, the outlook for the Shiba Inu price appears more pessimistic. Despite the expectation of over 100% gains, the 30-day forecast indicates a complete reversal of the expected gains from this week. It anticipates a price of $0.00001444 in October, suggesting a return to current levels following the predicted surge. This would signify a 50% decline from the projected $0.00003084.
When Can We Expect the Shiba Inu Price to Hit a New All-Time High?
The Shiba Inu price remains over 80% below its all-time high of $0.000088, indicating that substantial progress is still required for the meme coin to reach new heights. The long-term forecast from the machine learning algorithm has also hinted at a timeline for when the SHIB price might exceed this benchmark.
According to the forecast, the Shiba Inu price may not achieve a new high within the next five years. The predictions suggest it could reach $0.00148 sometime in 2029, marking the peak for the upcoming half-decade. For the anticipated bull run in 2025, the algorithm estimates a maximum price of $0.00006286, as detailed in this source.
Featured image created with Dall.E, chart from Tradingview.com