The cryptocurrency market continues to maintain its volatile momentum and the popular meme coin Shiba Inu (SHIB) is no exception. Machine learning and artificial intelligence (AI) algorithms predict further advances for the ‘Dogecoin (DOGE) killer’ in the near future.
According to the latest data from crypto analysis and prediction platform PricePredictions, an advanced price prediction algorithm predicts that the Shiba Inu price will reach $0.00002 by May 5, 2024.
This prediction, based on indicators such as Bollinger Bands (BB), average true range (ATR), relative strength index (RSI), and moving average convergence divergence (MACD), says that the SHIB price will fall from where it is currently.
Price Performance of Shiba Inu
The Shiba Inu has had a quiet performance in recent weeks and is its main rival in terms of market value. dogecoinHe approached. However, the recent downturn in the market has also affected SHIB.
According to the latest data, SHIB is trading at $0.00002332 at the time of writing. This represents a decrease of 6.6% in the last 24 hours and 22.3% in the last 30 days.
Bear Sentiment Surrounding SHIB
As technical analysis (TA) indicators indicate, sentiment surrounding the Shiba Inu is neutral. The 1-week and 1-month indicators rate SHIB as a “buy,” while the oscillators are in the “sell” zone at 2 and the moving averages (MA) are in the “sell” zone at 8 for the 1-month timeframe.
The machine learning algorithm’s price prediction and this negative sentiment indicate that the Shiba Inu may not show significant growth in the coming weeks.
SHIB’s bearish performance and the predictions of machine learning algorithms do not paint a very promising picture for the future of the meme token in May. SHIB investors and enthusiasts have reason to be cautious given the nature of current market conditions.
