As per recent AI analysis, it’s expected that Shiba Inu (SHIB) won’t see much change in its price on December 1 due to the ongoing bearish trends.
After receiving support from Coinmerge for Shibarium, Shiba Inu has gained significant momentum. The cryptocurrency has demonstrated resilience against recent support and resistance levels, drawing attention from both experts and investors who anticipate potential price fluctuations on December 1.
As of now, Shiba Inu (SHIB) is valued at $0.00000822, showing a slight 1.56% decrease in the last 24 hours. Despite this short-term dip, SHIB has performed well over the past week, experiencing a 1.11% price increase. Examining its monthly performance, the token has showcased resilience with a 3.6% overall increase.
Shiba Inu (SHIB) Q4 2023 Outlook: Anticipating a Subtle Shift
In the final quarter of 2023, Shiba Inu (SHIB) encountered a subdued performance, staying relatively stagnant and leaving investors eagerly awaiting a change. Despite aspirations for a rapid climb to the coveted $0.01 threshold, Shiba Inu’s price prediction revealed minimal movement, testing the patience of its community.
Within this period of stagnation, a machine learning algorithm offers a glimpse of hope, predicting a subtle shift on December 1, 2023, with an estimated SHIB price of 0.000008446 USD. However, expectations are restrained, as AI projections hint at a modest 1.5% increase over the next three days. Notably, the algorithm foresees SHIB maintaining its characteristic trading pattern with five zeroes, dispelling hopes of shedding one.
Reflecting on the broader trend in 2023, Shiba Inu faced challenges in making a significant impact on the charts, with a noteworthy exception in January when it surged impressively by 70% within a month.
Shiba Inu Market Analysis: On-Chain Signals Point to Potential Bullish Trend
In the current Shiba Inu market, a neutral sentiment prevails as the price consolidates. Notably, the daily transaction volume has surged by a significant 118%, reaching $294 million, providing a positive indication.
On-chain data reveals a nuanced landscape for SHIB holders, with 19% in profit, 7% holding steadily, and 74% having exited. Large holders, commanding 78%, wield influence over market sentiment. The 0.36 correlation between SHIB and Bitcoin suggests intertwined price movements. Long-term commitment is evident, with 74% holding for over a year. Transactions exceeding $100K total $66.19 million, indicating substantial trading activity.
Despite potential bullish signals from on-chain indicators, Shiba Inu remains 90% down from its all-time high at $0.00008616.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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