The Shiba Inu price has seen a slight decline over the past 24 hours, suggesting that some traders may be taking profits after its recent price rally that peaked at $0.00001972. This dip, however, hasn't dampened the overall bullish outlook for the same coin. According to predictions from CoinCodex, a machine learning algorithm, the Shiba Inu price is set to maintain its upward trajectory throughout the week. In particular, CoinCodex is predicting a substantial 109% increase, which would position Shiba Inu to reach a new 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 popular tool for gauging investor sentiment, stands at 69 at a “greed” state, which often aligns with increased buying interest.
According to the forecast by CoinCodex, the Shiba Inu price is on track to hit $0.00003679 in the next five days. At the time of writing, Shiba Inu is trading around $0.00001743 and nearing a critical support level. CoinCodex's prediction anticipates a steady reversal from this point, projecting Shiba Inu to reach $0.00001752 on November 2, climb to $0.00002256 by November 3, then $0.00002937 on November 4, and continues rising to $0.00003650 on November 5. The final target for November 6 is set at $0.00003679, which would represent an impressive 110% return from Shiba Inu's current price.
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 would most likely open up to the stage to FOMO and cause more rallies. However, despite this optimistic short-term outlook, CoinCodex's projections beyond November 6 indicate that Shiba Inu may face a notable correction in the days that follow.
According to CoinCodex's analysis, the Shiba Inu price is expected to close the month of November at around $0.00001782. For this prediction to materialize, Shiba Inu would need to reverse nearly all of the gains it is projected to achieve in the coming days. Nevertheless, a reversal to $0.00001782 could set up the ground floor for another steady increase before the end 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 these resistance points has the possibility of intensifying selling pressure at each level.
Shiba Inu is currently down by 7% in the past 24 hours, which is a testament to the intensely volatile nature of meme coins. It is now on its way to retesting the support $0.00001698, which could make or break the projected rally.
Featured image created with Dall.E, chart from Tradingview.com
