The Shiba Inu price, along with the rest of the crypto market, has suffered uncertain headwinds as a result of massive sell-offs suppressing the price. However, with the month of April drawing to an end, crypto investors are expecting the price direction. One way of getting an idea of where the price might be headed next is using historical data, so here is how Shiba Inu has performed in May, historically.
How Shiba Inu Performs In May
Historical data shows that the month of May her not been particularly bullish for the Shiba Inu price. According to data from CryptoRank, the meme coin has seen more red months in May than green months, suggesting that the trend could continue.
The last time that the Shiba Inu price finished in the green in the month of May was back in 2021, which was at the height of the bull market. In the month of May 2021, the price rose a total of 355%. However, since then, the months of May has come in red for the asset.
In May 2022, the SHIB price fell a whopping 42.1%, carrying on the bearish trend from the previous month of April, which had seen a 22% decline. Then again, in May 2023, the meme coin also followed the same trend, dropping 15.4% after closing the month of April 2023 with a 6.41% loss.
Source: CryptoRank
Shiba Inu looks to be following the same trend closely seeing that the month of April 2024 is about to close with an around 24% loss. If history were to repeat itself, then investors could be looking at an average 20% decrease in price next month.
SHIB Bears Dominate Price
Throughout the month of April, the bears have been in control of the Shiba Inu price as the Bitcoin halving did not have the expected bullish effect. This has carried on to the end of the month, and as stated above, looks like it will carry into the new month.
However, it is important to note that the last two years that have seen the SHIB price fall in May have been right in the bear market, so a decline is expected. This time around, the crypto market is expected to go on a bull rally as the halving has been concluded. Therefore, there could be a change in the tide for the SHIB price.
The machine learning algorithm at Coincodex has also predicted that the SHIB price will rally going into the month of May. For the very short term, which is five days, the algorithm predicts an approximately 30% increase above $0.00003. Then, by the time the month is over, the algorithm expects the price to have moved over 220% to $0.00007719, which is very close to its all-time high price.
Presently, the Shiba Inu price is resting at $0.000023, with a 6.26% decline in the last day. However, this could present as a buying opportunity if the Coincodex algorithm is correct.
SHIB price at $0.000023 | Source: SHIBUSDT on Tradingview.com
Featured image from Times Tabloid, chart from Tradingview.com
