Artificial intelligence has now become a source of reference in the cryptocurrency market. As the market starts to move, investors and traders are wondering about the performance of popular meme coin Shiba Inu (SHIB) and leading cryptocurrency Bitcoin (BTC) in April.
AI sets SHIB price for April 30
As the third month of 2023 draws to a close, Shiba Inu (SHIB) has slowed its gains since the beginning of the year and produced a negative month compared to the top 20 Bitcoin (BTC), Ethereum (ETH) and other major cryptocurrencies. In an environment of market uncertainty, crypto traders and investors are following forecasts, including those provided by artificial intelligence (AI) such as machine learning platforms.
Machine learning algorithms on cryptocurrency tracking platform PricePredictions had predicted that the price of the Shiba Inu would reach $0.000011 by March 31, 2023. This was pretty approximate considering the SHIB price at press time was $0.0000106. AI bot’s end-of-April forecast is similar to end-March, but predicts a price of $0.000011 for SHIB despite wider market gains at the end of March.
Specifically, this projection is based on technical analysis (TA) indicators such as moving averages (MA), moving average convergence divergence (MACD), Bollinger Bands (BB), relative strength index (RSI), average true range (ATR).
SHIB price analysis
According to the latest data, SHIB is currently trading at $0.0000106, down 0.19% on the day. The Shiba Inu ranks 14th by total value with a total market cap of $6.2 billion.
One-day indicators for SHIB from financial and crypto monitoring site TradingView are bearish. So the summary of the indicators suggests ‘neutral’ at 8, oscillators suggest a ‘sell’ at 10 and moving averages suggest a ‘sell’ at 12.
Artificial intelligence determines the price of Bitcoin for April 30
cryptocoin.comAs you follow, the price of Bitcoin (BTC) briefly climbed above $29,000 on March 30. Thus, the leading cryptocurrency continues its struggle to regain the psychological level of $30,000. Bitcoin is up more than 20% since March 1, when it traded just over $23,000. Given BTC’s bullish month, investors are already keeping their eyes on the near-term price for the end of April, hoping the asset could experience similar growth.
With that in mind, we consulted machine learning algorithms on crypto tracking platform PricePredictions. AI tech predicts that BTC will be trading above $30,000 by the end of next month. The forecast sets the price of Bitcoin at $30,697 on April 30, 2023, according to the latest information accessed on March 30.
Bitcoin price analysis
Meanwhile, sentiment on 1-day indicators on financial and crypto watch site TradingView is bullish. The summary suggests a ‘strong buy’ at 12, as summarized from the oscillators showing ‘buy’ at three and moving averages in the ‘strong buy’ range at 14.
Despite the rise in the charts, InTheMoneyStocks.com Chief Market Strategist Gareth Soloway believes BTC will drop to levels not seen since November 2020. Soloway predicts that as the financial system becomes more stable, Bitcoin’s value will fall, potentially falling to $9,000 in 2023. Indeed, Soloway says that BTC will initially decline due to the ongoing banking crisis and possible stock market sell-offs, but will then pick up and resume its long-term growth trajectory.
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