With the month of September almost over, Halloween enthusiasts have already started picking out decorations for the scariest holiday of the year, but cryptocurrency traders have other things on their minds, such as predictions of the future price of Shiba Inu (SHIB).
As it happens, the largest part of the crypto market is back in the sideways trading mode, and Shiba Inu is no exception. However, machine learning (ML) algorithms indicate a strong chance for the meme crypto asset to be trading at a slightly lower price than at press time, September 28.
What machine algorithms say
Indeed, the self-learning machine algorithm used by the cryptocurrency tracking platform CoinCodex suggests that SHIB could reduce its price by 1.62% by October 31, 2023, from its current situation, which means it would end up trading at the price of $0.000007133 on the holiday of Halloween.
Ghosts of Halloween past
In terms of SHIB price during past Halloweens since its launch in 2020, the situation is as variable as they come, so it is not easy to draw any clear conclusions from these chart patterns. Specifically, Shiba Inu was trading at a mere $0.000000000168 on Halloween 2020.
During the particularly bullish Halloween of 2021, it skyrocketed a whopping 38,934,400% to $0.00006541, only to drop again the year later and trade at $0.00001194 on October 31, 2022, down 81.75% from the year before, as the historical information indicates.
SHIB price analysis
Meanwhile, Shiba Inu was at press time changing hands at the price of $0.0000072503, which represents an increase of 0.38% in the last 24 hours but still a decline of 1.54% across the previous seven days and a 10.55% drop on its monthly chart, as per the latest data on September 28.
All things considered, whether SHIB meets the predictions of machine algorithms or changes the tune this Halloween will depend on many factors, the most influential being the performance of the recently launched layer 2 blockchain Shibarium, which has already attracted massive attention.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
Source: https://finbold.com/shib-price-prediction-for-halloween-2023/