Shiba Inu (SHIB) Price Prediction for July 31, 2023
Shiba Inu (SHIB) is currently facing a downward trend, slipping from its position as the fourteenth largest cryptocurrency. There is much speculation among investors about what could drive the meme coin’s price upwards once again.
To gain insights into SHIB’s potential price trajectory, Finbold sought assistance from PricePredictions, a crypto monitoring and prediction platform. Their machine learning algorithms projected that SHIB’s price on July 31 would be around $0.000008, indicating a marginal increase of 3.6% from its current value.
This prediction is based on various technical indicators such as moving average convergence divergence (MACD), relative strength index (RSI), and Bollinger Bands (BB).
Looking at SHIB’s price history, it has demonstrated positive momentum over the past 30 days, with gains on 21 out of 30 days. However, it has experienced a decline of 22% over the past year, lagging behind most of the top 100 cryptocurrencies.
Currently, SHIB’s price is below the 200-day simple moving average, but it has seen a modest uptick of 1.79% for the day. The meme coin’s market capitalization is an impressive $4.54 billion.
On a positive note, the growth of new addresses for SHIB has shown promise, with the number of daily new addresses surpassing 4,000 on June 27. This suggests growing interest and adoption of SHIB during this period.
Please note that this information should not be considered investment advice as investing is speculative and carries risks.
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