Expectations for the crypto market and altcoins such as Shiba Inu have increased dramatically as the month of September is drawing to an end. Nevertheless, there is still a week left to go for the month to be over and this is ample time for notable developments for any digital assets. For Shiba Inu, this development could be incredibly bullish, according to the machine learning algorithm at CoinCodex, which predicts that the SHIB price could more than double from here.
Like the rest of the crypto market, the Shiba Inu price did suffer multiple crashes in the third quarter of 2024. This saw its price retrace to levels not seen since the beginning of the year. But while this bearishness raged on, it also gave an opportunity for investors to get into the meme coin at a low price. Now that the price is starting to recover again, Shiba Inu investors may be seeing a lot of bullishness from here.
The machine learning algorithm at CoinCodex, which uses a number of indicators to predict where the price of a cryptocurrency is headed next, has predicted bullish movement for the Shiba Inu price. The short-term prediction spanning five days, meaning until the weekend, has suggested that the recover is far from over.
From here, the machine learning algorithm has produced a likely scenario for the Shiba Inu price, forecasting a rise to $0.00003084 from here. This would mean a 113.06% increase, a prediction that would see the price do a more than 2x. Even more interesting is the fact that this is expected to play out in the next five days.
On a longer timeframe though, expectations for the Shiba Inu price are much more bearish. Despite predicting over 100% gains, the 30-day prediction shows a complete retracement of its expected gains from this week. It puts it at $0.00001444 in October, meaning the forecast expects the price to return to its current levels after the breakout. This would mean a 50% price decline from the expected $0.00003084.
The Shiba Inu price is still sitting more than 80% below its all-time high price of $0.000088, meaning there is still a long way to go for the meme coin to notch a new peak. The machine learning algorithm, in its long-term prediction, also forecasted when the SHIB price could surpass this level.
According to the prediction, the Shiba Inu price may not hit a new peak in the next five years. It puts it at $0.00148 sometime in 2029, which is the highest level for the next half a decade. For the expected 2025 bull run, the machine learning algorithm suggests $0.00006286 as the highest the price will go.
Featured image created with Dall.E, chart from Tradingview.com
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