Shiba Inu Price Prediction: Will the Dogecoin Rival Break Out or Stay in the Doghouse?

After taking into account all the developments and on-chain metrics, the price prediction firm CoinCodex has estimated SHIB’s price for next month.

According to their predictions, Shiba Inu’s price could reach a maximum high of $0.00001147 in mid-May 2023, representing an increase of around 10% from its current price.

However, it is important to note that the forecast predicts SHIB may not maintain its monthly high and may experience a price decline.

CoinCodex estimates that SHIB may return to its current price or even drop lower next month. CoinCodex has also estimated that the lowest SHIB could trade for in May 2023 is $0.00001010, which is a little over 2% decrease from its current price.

The estimation suggests that SHIB could reach its monthly low by the end of May. Therefore, it is possible that Shiba Inu may not experience a rally next month and may remain stagnant, as it did in April.

At the time of writing, Shiba Inu was trading at $0.00001031 and had experienced a 1.8% increase in 24 hours.

Additionally, SHIB is still down 88% from its all-time high of $0.00008616, which it reached in October 2021.

The 1-day technical analysis from TradingView are signaling for a bearish santiment, with the summary pointing at “sell” at 14 and the moving averages show “strong sell” at 13.

Source