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Machine learning algorithm sets SHIB price for June 1, 2023

Machine learning algorithm sets SHIB price for June 1, 2023

Shiba Inu (SHIB) enthusiasts have been eagerly anticipating the release of the Shibarium mainnet, and exciting news has emerged. 

A team member from the SHIB developer team, going by the name Shibarium1, recently revealed that the launch of the Shibarium mainnet is being expedited. This announcement, made on May 23, was shared by Lucie, the official content marketing specialist of the Shiba Inu ecosystem, on Twitter.

To delve deeper into the latest updates surrounding SHIB’s development, Finbold sought insights from Price Predictions, a renowned cryptocurrency analytics and prediction platform that leverages advanced machine learning algorithms. 

As we approach the midpoint of the year, the platform’s data indicates that SHIB is expected to reach $0.00000854 by June 1, 2023. Although this represents a slight decrease in price compared to its current trading value, it remains a noteworthy projection for SHIB enthusiasts and investors to consider.

SHIB 30-day price forecast. Source: PricePredictions

The algorithm relies on various technical analysis (TA) indicators, such as moving average (MA), relative strength index (RSI), moving average convergence divergence (MACD), average true range (ATR), and Bollinger Bands (BB), which all play an important role in the platform’s forecasting methodology.

SHIB price analysis

At the moment, the current trading price of Shiba Inu stands at $0.00000864, down over 3% in the last 24 hours. 

SHIB 7-day price chart. Source: Finbold

Technical analysis suggests that there is a support level at $0.00000831, which indicates a price point where buying pressure could potentially increase, leading to a potential price rebound. 

On the other hand, there is a resistance level at $0.00000918, which represents a price level where selling pressure might intensify, potentially hindering further upward movement.

Expected SHIB launch date 

In response to the expectations of Shiba Inu users regarding the launch of Shibarium, Shytoshi Kusama, the pseudonymous leader of the SHIB development team, addressed the issue on Telegram. 

Kusama clarified that his previous statement about launching Shibarium before May had been taken out of context, leading him to refrain from providing specific dates. However, he assured the community that the team was actively working on the project, stating that they were “in go mode” and would provide updates soon, as mentioned in one of his tweets.

Meanwhile, Lucie shared insights from developer Shibarium1, who suggested that the Shibarium launch could potentially take place in August. This estimate differed from Shytoshi Kusama’s earlier mention of a possible launch in July. Lucie, considering the various teams involved in the Shibarium launch and the integration of artificial intelligence, expressed her belief that the release is likely to occur in the third quarter of this year.

It remains to be seen how the introduction of Shibarium and its associated developments will influence the price dynamics of SHIB and other related tokens, given the evolving dynamics within the meme token sector and the rise of Pepe.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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