As the third month of 2023 draws to a close, Shiba Inu (SHIB) has slowed down the gains from the year’s beginning and produced a negative month despite Bitcoin (BTC), Ethereum (ETH), and other leading cryptocurrencies in the top 20 digital assets by market capitalization recording gains.
With such uncertainty around the trading of the dog meme token, crypto traders and investors are turning to indicators of its future movements, including those provided by artificial intelligence (AI), such as machine learning platforms.
As it happens, the machine learning algorithms over at the cryptocurrency tracking platform PricePredictions projected that the price of Shiba Inu would reach $0.000011 by March 31, 2023, notably a rather accurate forecast with SHIB trading slightly below the estimate at $0.0000106 at the time of publication.
The prediction for the end of April is similar to the end of March but with SHIB heading downwards closer to the price of $0.000010 despite the wider gains seen across the market at the end of March.
Specifically, this projection relies 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), and others.
SHIB price analysis
Currently, SHIB is trading at the price of $0.0000106, recording a decrease of 0.19% on the day, as recent data indicates. Shiba Inu is ranked 14th by total worth, with an overall market cap of $6.2 billion.
On the one-day gauges at the finance and crypto monitoring website TradingView SHIB are bearish. Namely, its summary suggests a ‘sell’ at 12, resulting from oscillators pointing at a ‘neutral’ at 8 and moving averages in the ‘sell’ zone at 10.
Ultimately in April, investors will be hoping that the latest update to the Shibarium testnet that has chased away the ‘FUD’ (‘fear, uncertainty, doubt’) surrounding the upcoming Layer 2 network over Shibarium’s chain ID sharing the same ID as the Rinia testnet blockchain will help boost the assets price.
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