As the majority of assets in the cryptocurrency sector are still in a bullish mode, the famous dog-themed meme token Shiba Inu (SHIB) is no different, and machine learning and artificial intelligence (AI) algorithms predict more advances for the ‘Dogecoin (DOGE) killer’ in the near future.
Specifically, the advanced price projecting algorithm over at the crypto analytics and forecasting platform PricePredictions sees the price of Shiba Inu as further increasing, setting it to reach $0.000043 by March 31, 2024, as per the most recent data retrieved on March 5.
Indeed, if the algorithm, which uses indicators like the Bollinger Bands (BB), average true range (ATR), relative strength index (RSI), moving average convergence divergence (MACD), and more, is correct, it would mean an 11.54% increase in the price of SHIB from its current amount.
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Shiba Inu price analysis
As it happens, Shiba Inu has achieved impressive results in the past weeks, having approached very close to its main competitor, Dogecoin, in terms of its market capitalization, and is now ranking as the tenth-largest asset in the crypto sphere by this indicator, giving fuel to the ‘DOGE killer’ narrative.
At press time, it was trading at the price of $0.0000385525, which suggests a 42.59% gain in the last 24 hours, as well as a massive increase of 272.55% over the previous seven days while also racing 327.34% in the past month, according to the latest chart data on March 5.
Meanwhile, the sentiment around Shiba Inu on its technical analysis (TA) gauges is also exceptionally bullish, rating it as a ‘strong buy’ on both 1-week and 1-month gauges, the former based on oscillators in the ‘buy’ zone at 3 and moving averages (MA) pointing at a ‘strong buy’ at 12.
In conclusion, SHIB could, indeed, meet the machine algorithm’s expectations of its price, and the uptick in its burning rate, combined with the layer 2 blockchain Shibarium, which has recently surpassed the 3.5 million milestone in the number of total blocks, could contribute to its success in doing so.
However, it is important to keep in mind that things in this sector might change on a whim, which is why it is essential to follow the relevant developments, carry out one’s own research, and carefully weigh all the risks before investing a significant amount of money into any asset.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
