Shiba Inu (SHIB) undoubtedly emerges as one of the most beloved cryptocurrencies. This relatively new meme coin generated significant excitement in the market and managed to ascend the cryptocurrency rankings. However, its growth was hindered by the prevailing market conditions. Despite the introduction of Shibarium, the coin’s performance didn’t meet expectations. In the past month, the asset witnessed a 10.3% decrease in its value.
Despite the challenging September, the SHIB community remains hopeful for an eventful October. Currently, Shiba Inu is trading at $0.00000732, indicating a minor 0.8% decline in its daily value. Notably, earlier today, the asset saw an increase from its lowest point of $0.00000728 to as high as $0.00000741. Additionally, it’s essential to highlight that this meme coin currently maintains a price level that is 91% below its all-time high of $0.00008616.
Shiba Inu’s Trend Reversal: What to Expect in October
It appears that the meme coin is likely to maintain its current price range in the upcoming month as well. According to data obtained from the PricePredictions machine learning algorithm, SHIB is projected to trade at approximately $0.0000073 as October commences. PricePredictions utilizes a diverse set of indicators to formulate predictions for the meme coin. This forecast relies on algorithms that conduct a comprehensive analysis of indicators such as the average true range (ATR), Bollinger Bands (BB), moving average convergence divergence (MACD), and relative strength index (RSI).
As depicted in the chart above, the entire month of October is anticipated to be challenging for SHIB, with a downward trend expected. Currently, only 10% of SHIB holders are experiencing gains, while nearly 88% of Shiba Inu holders are contending with losses. Given the lack of significant upward movements foreseen for this meme coin, it is likely that SHIB holders will continue to experience more losses than gains in the foreseeable future.