Machine learning algorithm predicts SHIB price on August 31, 2024
Machine learning algorithm predicts SHIB price on August 31, 2024 
Cryptocurrency Aug 19, 2024 Share
As the larger part of the cryptocurrency industry is going through a cooldown, the popular dog-themed meme coin Shiba Inu (SHIB) is no exception, as it is recording declines on all of its recent price charts, and machine learning and artificial intelligence (AI) algorithms are not optimistic.
Indeed, the crypto winds seem to have slowed down lately for the majority of digital assets, including Shiba Inu, the currently 13th-largest asset in the crypto sector by market capitalization, despite the latest innovations in the form of the launch of the ShibTorch burn portal on the Shibarium network.
Introducing #ShibTorch! 🔥
The long awaited community Burn Portal is now live. Every #Shibarium L2 transaction now helps burn $SHIB, reducing the total supply.
Start burning today 👇https://t.co/NL6HAkE90j
— Shibarium Network (@ShibariumNet) August 16, 2024
Shiba Inu price prediction
As for its performance in the following weeks, Shiba Inu could continue to trade in more or less the same manner, concluding the month at the price of $0.000013, which is what advanced AI and machine learning models deployed by crypto market analytics and forecasting platform Price Predictions project for August 31, 2024.
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Shiba Inu price prediction 30-day chart. Source: PricePredictions
In other words, should this prediction, relying on indicators like Bollinger Bands (BB), relative strength index (RSI), moving weighted average (MWA), average true range (ATR), and others, come true, SHIB will be trading 2.48% lower than at press time, as per data on August 19.
Meanwhile, crypto trading expert Alan Santana has projected a strong upward movement for Shiba Inu in the upcoming 2025 bull market, setting its price to a new all-time high (ATH) of $0.00023179, taking into account its accumulation phases, as Finbold reported on August 17.
Shiba Inu price performance analysis and prediction. Source: Alan Santana
More recently, however, it has come to light that SHIB is facing selling pressure from futures trades, considering that the Coinglass Crypto Derivatives Visual Screener’s plot of SHIB’s open interest (OI) versus price demonstrates that shorts are opening, signaling that traders are anticipating further declines.
Crypto Derivatives Visual Screener. Source: Coinglass
Shiba Inu price analysis
For the time being, SHIB is changing hands at the price of $0.00001333, reflecting a 1.51% decline in the last 24 hours, dropping 4.92% across the previous seven days, and accumulating a loss of 25.16% over the past month, albeit advancing 29.41% since the year’s turn.
Shiba Inu price 7-day chart. Source: Finbold
Ultimately, SHIB could continue making bearish movements (or lack bullish ones) toward the end of this month, although the market could yet price in the positive developments in its ecosystem. Regardless, doing one’s own research and keeping up with any SHIB news is critical when investing in this crypto asset.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
