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

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.

READ MORE: Bitcoin: Cryptocurrency Market Shocked With Crazy Price Swings

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.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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