The cryptocurrency market continues to be volatile, and Shiba Inu (SHIB), the famous dog-themed meme coin, is no exception. Machine learning and artificial intelligence (AI) algorithms predict further advances in the “Dogecoin (DOGE) killer” in the near future.
According to the latest data obtained from a cryptocurrency analysis and prediction platform price predictionan advanced price prediction algorithm predicts the Shiba Inu price to 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), states that the price of SHIB will be lower than it is currently. .
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Shiba Inu cost performance
In recent weeks, Shiba Inu has shown subdued performance and is closing in on its main competitor Dogecoin in terms of market capitalization. However, the recent market downturn has also affected SHIB.
Based on the latest data, SHIB is trading at $0.00002332 at the time of writing, representing a decline of 6.6% in the past 24 hours and 22.3% in the past 30 days.
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Bearish mood surrounding SHIB
As for the feelings surrounding Shiba Inu, shown According to the Technical Analysis (TA) gauge, it is neutral. 1-week and 1-month gauges rate SHIB as a “Buy” while the oscillator is in a “Sell” zone at 2 and the moving average (MA) is indicating a “Sell” at 8 for the 1-Month period. .
Machine learning algorithm price prediction and this negative sentiment indicate that Shiba Inu may not show significant growth in the coming weeks.
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Shiba Inu’s bearish performance and machine learning algorithm predictions paint a less encouraging outlook for the meme token’s future in May. Given the nature of current market conditions, SHIB investors and enthusiasts should be cautious.