As Shiba Inu (SHIB) continues to correct its price, consolidating the gains it has made since the turn of the year, like many other cryptocurrencies, machine learning and artificial intelligence (AI) algorithms are pessimistic about its price performance in the near future.

In fact, after trading around the $0.00003 area until mid-April, the Shiba Inu's price action has slowed significantly in the past several weeks, first falling below the critical level at $0.00002, and then back below $0.000017, following the trend Bearish for the crypto market.

Shiba Inu price forecast

Regarding its future performance, complex AI algorithms deployed by cryptocurrency analytics and forecasting platform PricePredictions set SHIB's price at $0.000014 at the beginning of July 2024, indicating that memecoin will continue to decline, according to the latest data obtained in June.

Specifically, the target price determined by the algorithms, which is based on indicators such as Moving Average Convergence Divergence (MACD), Relative Strength Index (RSI), and Average True Range (ATR), would indicate an additional decline of 16.52%.