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 1, 2024.
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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 up by 19.5% from where it is now.
Shiba Inu’s Price Performance
Shiba Inu has achieved remarkable results in recent weeks, closely approaching its main competitor, Dogecoin, in terms of market capitalization. However, the recent market downturn has also affected SHIB.
According to the latest data, SHIB is trading at $0.0000251 at press time, representing a 7.6% drop in the last 24 hours and 14% in the last 30 days.
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Bearish 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 2 and moving averages (MA) pointing at a “strong buy” at 8 for the 1-month timeframe.
The machine learning algorithm’s price prediction and this negative sentiment indicate that Shiba Inu could fail to show significant growth in the upcoming weeks.
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Shiba Inu’s bearish performance and the predictions from machine learning algorithms paint a promising picture for the meme token’s future. SHIB investors and enthusiasts have reason to be cautious given the nature of the current market conditions.