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As April ends, the Shiba Inu cryptocurrency faces crucial market trends, with historical data indicating a possible continuation of its recent price declines into May. Past performance suggests a trend of downturns during this month, contrasting sharply with a rare surge in May 2021.
May Historically Tough for Shiba Inu; Trends Suggest Potential Continued Decline
Examining the historical data, it becomes evident that the month of May has not been particularly favorable for the Shiba Inu pricing. The trend of more red months than green months in May, as indicated by CryptoRank data, sets a realistic expectation for the upcoming month, guiding investors in their investment strategies.
The Shiba Inu price last concluded in the green in May of 2021, when the bull market was at its peak. In May 2021, the price increased by 355%. However, the asset has had a negative performance in May since then.
According to Bitcoinist, the SHIB price decreased 42.1% in May 2022, continuing the dismal trend that began in April with a 22% decline. However, in May 2023, the meme currency followed the same path, plunging 15.4% after completing April 2023 with a 6.41% loss.
Shiba Inu appears to be closely following the same trajectory, as April 2024 is set to end with a loss of almost 24%. If history repeats, investors could see an average 20% decline in price next month.
Shiba Inu Price Predicted to Rally Post-Bitcoin Halving, Coincodex Forecasts Major Gains
The bears dominated the Shiba Inu price throughout April as the Bitcoin halving failed to have the expected bullish effect. This continued until the end of the month, and as previously said, it will continue into the new month.
However, it is crucial to note that the last two years, in which the SHIB price fell in May, have occurred during a bear market, so a decline is expected. This time, the crypto market is predicted to rally when the halving is completed. As a result, the SHIB price may experience a shift in trend.
Coincodex's machine learning system has also projected that the SHIB price will rally in May. For five days, the system anticipates a gain of almost 30% above $0.00003 for the concise term. The algorithm then predicts that by the end of the month, the price will have increased by more than 220% to $0.00007719, which is very near to its all-time high.
The Shiba Inu price has recently remained at $0.000023, down 6.26% on the last day. If the Coincodex algorithm is accurate, this could be a good time to invest.
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