As the cryptocurrency market continues to maintain its bullish momentum, 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, fueling excitement among investors and enthusiasts alike.
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 $0.000043 by March 31, 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 up by an impressive 11.54% from where it is now.
Also read: Shiba Inu vs. Dogecoin: ChatGPT Predicts If SHIB Can Outperform DOGE
Shiba Inu’s Impressive Performance
Shiba Inu has achieved remarkable results in recent weeks, closely approaching its main competitor, Dogecoin, in terms of market capitalization. Additionally, the meme token now ranks as the twelfth-largest asset in the cryptosphere by this indicator.
As of press time, SHIB is trading at $0.00002807, representing a 200% surge in the past month, according to the latest data.
Bullish Sentiment Surrounding SHIB
The sentiment surrounding Shiba Inu, as indicated by its technical analysis (TA) gauges, is exceptionally bullish. The 1-week and 1-month gauges rate SHIB as a’strong 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 positive sentiment indicate that Shiba Inu could see significant growth in the upcoming weeks.
Shiba Inu’s strong performance and the bullish predictions from machine learning algorithms paint a promising picture for the meme token’s future. SHIB investors and enthusiasts have reason to be optimistic given the potential for a 53% increase in its price by March 31.
Also read: Cryptocurrency: Top 3 Coins Under $1 To Buy Before Bitcoin Halving
However, it is essential to approach the volatile cryptocurrency market with caution and conduct thorough research before making any investment decisions. While the current sentiment and technical indicators are encouraging, the market can change rapidly, and unforeseen events may impact the performance of any digital asset.