Shiba Inu (SHIB) Price Prediction for September: Will the MEME Coin Regain Its 2024 Highs?

By early September 2024, most major meme coins had already left their 2024 highs far behind, and there is significant doubt if they will regain them

Most major meme coins left their 2024 highs in the dust early on, and there is little faith that they will be able to reclaim them before the year is out as these cryptocurrencies have done almost nothing but fall in recent months.

One of the most popular meme coins, the Ethereum-based Shiba Inu (SHIB), has not avoided a similar fate.

The ERC-20 token operating on the Ethereum blockchain is down 62.09% over the last six months and 6.35% in the last seven days of trading, despite still being up 28.87% on the year-to-date (YTD) chart. Meanwhile, SHIB price today stands at $0.0000131 at press time after a 0.27% 24-hour rise.

However, meme coins are not the only players in the crypto market that have been on a downturn in recent weeks. Many other digital assets – Bitcoin (BTC) and Solana (SOL) being perhaps the most notable – are also in the red, leading many traders to wonder if the current downturn is a temporary bump in the road or the beginning of a new ‘crypto winter.’

In an attempt to find some answers for traders — at least where Shiba Inu is concerned — Finbold consulted the predictive algorithms of a platform that specializes in forecasting asset prices, PricePredictions, to determine where SHIB might be on the last day of September.

Machine learning algorithm predicts SHIB price for September 30

Unfortunately for meme stock hopefuls, SHIB is predicted to continue its decline throughout September by PricePredictions’ predictive machine learning algorithms.

In fact, the popular meme coin is expected to fall around 8.40% to hit $0.000012 in the next seven days and even lower to reach $0.000011 by September 30.

Technical analysis (TA) from the stock and cryptocurrency analysis platform TradingView on September 5 supports the algorithm’s conclusion. Whether based on the previous 24 hours, 7, or 30 days in the market, SHIB is overall rated as a ‘sell.’

Oscillators remain firmly stuck on ‘neutral,’ but moving averages (MA) show ‘strong sell,’ except when the full previous month is considered. Under such circumstances, they improve slightly and read ‘sell.’

Can SHIB reverse the downturn this September?

Despite the bleak outlook for Shiba Inu, it is important to note that all cryptocurrencies — and especially meme coins — are highly volatile and that the relative smoothness of PricePrediction’s forecast casts doubt on its credibility.

Nevertheless, there is little doubt that the meme coin is decisively within a downtrend as it is trading below both its $0.00001502 50-day simple moving average (SMA) and its $0.00001962 200-day SMA.

On the other hand, Shiba Inu is holding above its nearest support level at $0.00001291, indicating that it could at least halt the decline soon.

Several new technical developments bolster the bull case for SHIB, including a new burn mechanism introduced in mid-August and, more recently, the ShibDev portal — a tool designed to make developing dApps in the ecosystem significantly more accessible and streamlined.

The ShibDev portal seems especially promising for Shiba Inu as the meme coin’s largeホルダー(s) netflow has increased by 265% in the last seven days, i.e., the time elapsed since the first major round of developers was invited to participate. However, it is worth noting that it has not yet had a significant impact on the cryptocurrency’s price, which is down 7.52% in the time frame.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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