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Machine learning algorithm sets SHIB price for May 31, 2023

Machine learning algorithm sets SHIB price for May 31, 2023

Shiba Inu (SHIB) has adopted a  bearish trend that mirrors the general cryptocurrency market’s current direction. As a result, crypto traders and investors are employing an array of tools, including artificial intelligence (AI)-based solutions, to predict the near-term value of this canine-inspired digital asset.

According to the latest intel gathered by Finbold on May 1, the cryptocurrency monitoring and prediction platform PricePredictions has employed machine learning algorithms to forecast the price of Shiba Inu for May 31, 2023, setting it at $0.000092.

The prediction for SHIB’s future value is being made as the Shibarium bridge undergoes beta testing and is only partially operational. Upon full release, the bridge is expected to improve Layer 2 utility significantly. 

SHIB 30-day price forecast. Source: PricePredictions

The SHIB prediction relies on technical indicators like moving average convergence divergence (MACD), average true range (ATR), relative strength index (RSI), and others.

SHIB price analysis

Shiba Inu is currently experiencing a bearish trend, with the crypto asset’s value having dropped by 2.35% over the last 24 hours and 3.21% over the past week.

As of now, Shiba Inu’s price stands at $0.000009985. This drop in price has resulted in the crypto asset’s market capitalization falling to $5.8 billion, highlighting the impact of recent market volatility.

SHIB 7-day price forecast. Source: CoinMarketCap

It is also worth noting that Shiba Inu’s drop in value has been part of a broader trend of market volatility within the cryptocurrency space.

As with other digital assets, Shiba Inu’s value is influenced by a range of factors, including ongoing Shibarium developments, market sentiment, regulatory developments, and macroeconomic conditions.

For instance, Shibarium’s adoption is expected to soar following the addition of a Plasma Bridge technology that uses side chains to enhance transaction speed and cost-effectiveness. The decentralized Proof-of-Stake validators ensure asset security, while the bi-directional Shibarium bridge offers a risk-free transfer of tokens between Ethereum and Shibarium networks.

As such, predicting the crypto asset’s future value with certainty remains a significant challenge for investors and analysts alike.

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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