AI predicts SHIB price for December 1, 2024

The cryptocurrency market is currently facing a correction. The decline follows Bitcoin (BTC)’s decline to just below $93,000. The global crypto market cap fell 2.9% to $3.35 trillion in the last 24 hours. Shiba Inu (SHIB) is following the market trend and is facing a 2.3% correction on the daily charts and a 0.9% correction on the 14-day charts.

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Despite the decline, SHIB continued to post some gains in the other time frames. The asset is up 1.7% on the weekly charts, 44.49% on the monthly charts, and 198.4% since the end of November 2023.

Why is the crypto market down?

The current market decline could be due to increased volatility as Bitcoin (BTC) hit a new all-time high of $99,645.39 on November 22, 2024. Market participants may have booked profits as the native cryptocurrency neared $100,000.

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According to Omid Malekan, professor at Columbia Business School: “Bitcoin tends to be more volatile in bull markets than in bear markets.“

Shiba Inu (SHIB) and other cryptocurrencies follow the development of BTC.

Shiba Inu’s price on December 1, 2024

According to CoinCodes, SHIB will see a price increase in the next few days. The platform expects the dog-themed cryptocurrency to trade at $0.00005094 on December 1, 2024. Reaching $0.00005094 from the current price level will result in a rally of around 107.07%. CoinCodex does not expect SHIB price to stay above $0.00005 for long. The platform predicts a price correction to around current levels by mid-December 2024.

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Changelly analysts also present a bullish outlook for SHIB in the next few days. The platform expects the asset to rise to $0.0000492 on December 1, 2024. Reaching $0.0000492 from the current price level will result in a rally of around 100%. Like CoinCodex, Changelly also expects the price of SHIB to fall to around current levels by mid-December 2024.