Shiba Inu Price Forecast: December 1
Shiba Inu (SHIB) has experienced a lackluster performance in the final quarter of 2023, with little price action movement. However, a machine learning algorithm predicts a subtle shift on December 1, estimating a SHIB price of $0.000008446. This represents a mere 1.5% increase over the next three days and suggests that SHIB will maintain its trading pattern with five zeroes.
In January 2023, Shiba Inu saw a significant surge of 70% within a month, but it has struggled to make a mark on the charts since then.
Shiba Inu (SHIB) Market Forecast
The current Shiba Inu market is in a consolidating phase, with a neutral sentiment. However, the daily transaction volume has surged by 118% to $294 million, which is a positive indication.
On-chain data reveals that 19% of holders are in profit, 7% are holding steadily, and 74% have exited their positions. Large holders control 78% of the market, influencing sentiment. SHIB has a correlation of 0.36 with Bitcoin, indicating interconnected price movements. Long-term commitment is evident, with 74% of holders holding for over a year. There has also been substantial trading activity with transactions above $100K totaling $66.19 million.
Despite possible bullish signals in the upcoming sessions, Shiba Inu is still down 90% from its all-time high at $0.00008616.
Hot Take: Shiba Inu’s Price Fluctuation Potential on December 1
Shiba Inu has shown resilience to recent support and resistance levels, with experts and investors closely watching its price movement. While the short-term trend reflects a 1.56% dip, SHIB has experienced a positive surge of 1.11% over the past week and a monthly increase of 3.6%. As December 1 approaches, there is potential for fluctuation in SHIB’s price. Investors are eagerly awaiting to see if the machine learning algorithm’s prediction of a subtle shift on that day will come to fruition.
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