CoinCodex Predicts Interesting Surge For Shiba Inu Price

CoinCodex's machine learning algorithm provides an optimistic forecast for the Shiba Inu price trajectory this week.

The Shiba Inu (SHIB) price has seen a slight dip over the past 24 hours, suggesting that some traders may be taking profits after its recent price rally that peaked at $0.00001972. However, this dip hasn’t dampened the overall bullish outlook for the meme coin.

In fact, according to predictions from CoinCodex, a machine learning algorithm, the Shiba Inu price is set to maintain its upward trajectory throughout the week. In particular, CoinCodex is predicting a substantial 109% increase, which would position Shiba Inu to reach a new 2024 high if realized.

CoinCodex Predicts Interesting Surge For Shiba Inu Price

CoinCodex’s machine learning algorithm provides an optimistic forecast for the Shiba Inu price trajectory this week. Despite a recent slight decline, Shiba Inu’s Fear & Greed Index, a popular tool for gauging investor sentiment, stands at 69 at a “greed” state, which often aligns with increased buying interest.

According to the forecast by CoinCodex, the Shiba Inu price is on track to hit $0.00003679 in the next five days. At the time of writing, Shiba Inu is trading around $0.00001743 and nearing a critical support level. CoinCodex’s prediction anticipates a steady reversal from this point, projecting Shiba Inu to reach $0.00001752 on November 2, climb to $0.00002256 by November 3, then $0.00002937 on November 4, and continue rising to $0.00003650 on November 5. The final target for November 6 is set at $0.00003679, which would mark an impressive 110% return from Shiba Inu’s current price.

What’s Next For SHIB?

A surge to this level would see the meme coin breaking past its current 2024 high of $0.00003592, which would most likely open up the stage to FOMO and cause more rallies. However, despite this optimistic short-term outlook, CoinCodex’s projections beyond November 6 indicate that Shiba Inu may face a notable correction in the days that follow.

According to CoinCodex’s analysis, the Shiba Inu price is expected to close the month of November at around $0.00001782. For this prediction to materialize, Shiba Inu would need to reverse nearly all of the gains it is projected to achieve in the coming days. Nevertheless, a reversal to $0.00001782 could set up the ground floor for another steady increase before the end of 2024.

As noted by CoinCodex, Shiba Inu has support levels at $0.00001698 and the strongest support at $0.00001614. On the upside, Shiba Inu faces resistance at several strategic levels, including $0.00001881, $0.00001964, and $0.00002014. Each of these resistance points has the possibility of intensifying selling pressure at each level.

Shiba Inu is currently down by 7% in the past 24 hours, which is a testament to the intensely volatile nature of meme coins. It is now on its way to retesting the support $0.00001698, which could make or break the projected rally.