The cryptocurrency market continues to maintain its volatile momentum, and the famous dog-themed meme coin Shiba Inu (SHIB) is no exception. Machine learning and artificial intelligence (AI) algorithms are predicting further advances for the ‘Dogecoin (DOGE) killer’ in the near future.
According to the most recent data retrieved from the crypto analytics and forecasting platform PricePredictions, an advanced price projecting algorithm anticipates the price of Shiba Inu to reach $0.00003 by May 25, 2024.
Based on indicators like Bollinger Bands (BB), average true range (ATR), relative strength index (RSI), and moving average convergence divergence (MACD), this prediction says that the price of SHIB will go down from where it is now.
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Shiba Inu’s Price Performance
Shiba Inu has exhibited decent performance in recent weeks, closely approaching its main competitor, Dogecoin, in terms of market capitalization. Also, the recent market surge has aided SHIB.
According to the latest data, SHIB is trading at $0.00002551 at press time, representing a 6.6% surge in the last 24 hours and 7% in the last seven days.
Also read: Ethereum (ETH) Forecasted To Hit $10,000: Here’s When
Bullish Sentiment Surrounding SHIB
The sentiment surrounding Shiba Inu, as indicated by its technical analysis (TA) gauges, is neutral. The 1-week and 1-month gauges rate SHIB as a “buy,” with oscillators in the “buy” zone at 9 and moving averages (MA) pointing at a “buy at 7 for the 1-month timeframe.
The machine learning algorithm’s price prediction and this positive sentiment indicate that Shiba Inu could show significant growth in the upcoming weeks.
Also read: Ripple Unveils Its Total XRP Holdings in Q1 Report
Shiba Inu’s performance and the predictions from machine learning algorithms paint a promising picture for the meme token’s future in May. SHIB investors and enthusiasts have reason to be excited given the nature of the current market conditions.
