January was a weak month regarding the performance of the majority of cryptocurrencies. However, the prospect seems to be changing as Bitcoin (BTC) looks to reclaim its previous threshold after falling below $40,000.
Concurrently, altcoins, most notably Shiba Inu (SHIB), have showcased some notable positive signals on TD sequential and 200 and 50-day moving averages.
Considering the current circumstances, Finbold has enlisted the support of CoinCodex to utilize its AI-driven machine-learning algorithms in analyzing the expected price of SHIB by the end of this month.
These algorithms systematically evaluate the evolving market conditions and carefully scrutinize relevant indicators to forecast the likelihood of cryptocurrency experiencing a value increase by the end of the month, which will be February 29 this year, as it is a leap year.
According to the algorithms, the projected price for SHIB is expected to decrease to $0.000008137 by February 29, reflecting a -8.61% fall from its present level of $0.000008904.
Analysts predictions
Meanwhile, TD Sequential is a robust technical analysis tool crafted to pinpoint the moment of trend exhaustion and anticipate potential price reversals on which SHIB recently flashed a reversal signal.
In particular, the TD Sequential indicator has demonstrated notable accuracy in forecasting movements in the price of Shiba Inu. It signals a buy, suggesting a potential upward movement for SHIB, per cryptocurrency expert Ali Martinez.
“Keep an eye out, as SHIB could climb to $0.010 or potentially even reach $0.011!”
Hence, as the expert indicates a possible ascent to $0.010 or $0.011, he alludes to the contract price for 1,000 SHIB tokens. This implies that the individual token price could reach $0.000010 or $0.000011, respectively.
Looking at the 2-hour chart for Shiba Inu, a downward trend seems to be breaking, indicating a possible increase in price, as per crypto trader SHIB KNIGHT’s post on January 29.
Technical indicators for SHIB are dominantly bearish at a ‘sell’ rating of 13. Moving averages point to a ‘strong sell’ of 13 as well. However, oscillators point toward a ‘buy’ rating of 2.
Whether SHIB will manage to break through its resistance zone and initiate a surge in its price, or whether it will remain in the lows or possibly retrace, remains to be seen.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
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