Shiba Inu (SHIB), the second-largest meme coin in the cryptocurrency market, has defied the recent downward trend by experiencing gains of over 8% over the past month
This positive price movement comes amid a period of general market weakness for many other crypto assets. To see if SHIB can keep its momentum, we’ve consulted a popular machine learning algorithm from PricePredictions, and it predicts modest price increases in the coming weeks.
Read Also: Machine Learning Model Sets Shiba Inu (SHIB) Price For April 30, 2024
Bullish Momentum for Shiba Inu (SHIB)
On May 14, 2024, SHIB exhibited a surprising price surge exceeding 7% within a few hours. This unexpected rise occurred without any major project announcements or developments over the weekend.
However, things have turned for SHIB, as technical indicators don’t support the bullish sentiment. TradingView data at press time indicated that oscillators are in the neutral zone with moving averages showing a sell signal. Overall, SHIB is showing a sell signal.
Machine Learning Predicts Modest Growth
PricePredictions, a crypto analytics platform, has leveraged a sophisticated machine learning algorithm to forecast SHIB’s price by May 31, 2024. Their prediction anticipates the token reaching $0.000024. Analysts have predicted surges of up to 3,000% for SHIB, and this price increase could be part of something big for the meme coin.
SHIB is trading at $0.00002341, and this target represents a 2.52% increase from the meme coin’s current price.
The machine learning algorithm incorporates various technical analysis indicators, including Average True Range (ATR), Relative Strength Index (RSI), and Bollinger Bands (BB), to generate its predictions.
Expert Opinion Aligns with Technical Analysis
Renowned crypto trading expert Ali (@ali_charts) recently commented on SHIB’s technical chart, noting a breakout from a descending parallel channel with an upper boundary of $0.00002444. Based on this observation, Ali predicted a potential upswing to $0.00002954 for SHIB.
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Read Also: Machine Learning Model Predicts Shiba Inu (SHIB) Price For March 31, 2024
Is SHIB On its Way Up?
While the prediction and expert analysis offer valuable insights, it’s crucial to remember that the cryptocurrency market is volatile. Unforeseen events can rapidly shift market conditions, potentially impacting SHIB’s price. Therefore, conducting thorough independent research and staying updated on relevant SHIB news are essential practices for making informed investment decisions.
SHIB’s recent price surge and the technical analysis, machine learning predictions, and expert opinions paint a promising picture for the token’s short-term future. There are many bullish predictions for SHIB, and the meme coin might soon outperform expectations.
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