Shiba Inu (SHIB) Price Forecast for December 1, 2023: AI Predicts Subtle Shift Amid Prevailing Bearish Trends
Crypto News – Following its recent endorsement by Coinmerge for the Shibarium project, Shiba Inu has displayed significant momentum. The cryptocurrency has demonstrated remarkable resilience in the face of recent support and resistance levels, capturing the attention of both experts and investors. As December 1 approaches, there is a growing anticipation of potential price fluctuations.
At the time of reporting, the Shiba Inu (SHIB) token is valued at $0.00000822, reflecting a minor 1.56% decline over the past 24 hours. However, despite this short-term dip, SHIB has exhibited a positive trend over the last week, with a noteworthy 1.11% price surge. When examining its monthly performance, the token has displayed resilience, boasting a 3.6% increase.
Shiba Inu Price Forecast for December 1
In the final quarter of 2023, Shiba Inu (SHIB) has experienced a somewhat lackluster performance, with minimal price movements, leaving investors eagerly awaiting significant developments. While hopes were high for a rapid ascent to the coveted $0.01 threshold, Shiba Inu’s price predictions have been relatively stagnant, testing the patience of its community.
Amid this period of stagnation, a machine learning algorithm now anticipates a subtle shift on December 1, 2023, projecting a SHIB price of $0.000008446 USD. However, it’s worth noting that expectations should be tempered, as AI projections indicate a modest 1.5% increase over the next three days. The algorithm also suggests that SHIB is likely to maintain its characteristic trading pattern with five zeroes, dispelling hopes of shedding one.
Reflecting on the year 2023, Shiba Inu faced challenges in leaving a significant mark on the cryptocurrency charts, except for a notable exception in January when it surged impressively by 70% within a single month.
Shiba Inu (SHIB) Market Analysis
The current Shiba Inu market sentiment appears neutral as the price consolidates. Notably, the daily transaction volume has witnessed a substantial 118% increase, totaling $294 million, which is seen as a positive sign.
According to on-chain data, the current SHIB market reveals that 19% of holders are in profit, 7% are holding steadily, and 74% have exited their positions. Large holders continue to exert influence, controlling 78% of the market, impacting overall sentiment. SHIB’s correlation of 0.36 with Bitcoin suggests interconnected price movements with the flagship cryptocurrency. Long-term commitment is evident, with 74% of holders having maintained their positions for over a year. Transactions exceeding $100,000 amount to $66.19 million, indicating significant trading activity.
While many on-chain indicators point to a possible bullish stance in upcoming sessions, it’s important to note that Shiba Inu remains approximately 90% below its all-time high (ATH) of $0.00008616
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