As another week opens with the largest part of the cryptocurrency market trading in the green, Shiba Inu (SHIB) has slowed down a bit and is consolidating its gains from recent days. However, signs suggest that the current correction is only temporary and that its uptrend could continue by the end of this year.
Specifically, crypto trading expert Ali Martinez earlier stressed that the TD Sequential indicator was demonstrating a sell signal on the daily chart for Shiba Inu and a few other major cryptocurrencies, suggesting a correction before they continue on the uptrend, as Finbold reported on October 30.
SHIB price predictions
Indeed, artificial intelligence (AI) algorithms deployed by the cryptocurrency analytics platform CoinCodex also predict a continuation, as they have set the price of Shiba Inu at $0.000008513 for December 31, 2023, which would represent an increase of 6.599% to its current price, as the latest data suggests.
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At the same time, the OpenAI brainchild ChatGPT is a lot more bullish on the price of Shiba Inu by the end of 2023 than the CoinCodex AI, observing the possibility of a 29.98% increase from its price at press time, as based on one SHIB price forecast:
“Based on one price prediction, the average price of SHIB is estimated to be around $0.00001038 by the end of 2023. However, it’s important to remember that these predictions are based on various factors and may not accurately reflect the actual market conditions.”
As the AI tool highlighted, “market sentiment plays a crucial role in the performance of cryptocurrencies,” highlighting that the sentiment for Shiba Inu is currently neutral, “with a Fear & Greed Index score of 72 (Greed).”
Additionally, the 1-day sentiment gauges over at the finance and crypto monitoring and analytics website TradingView suggest a ‘buy’ for SHIB on the basis of oscillators in the ‘sell’ zone at 3 and moving averages (MA) pointing at a ‘strong buy’ at 11.
SHIB price analysis
Meanwhile, Shiba Inu was at press time changing hands at the price of $0.000007986, recording a decrease of 0.59% in the last 24 hours, as well as gaining 10.42% across the previous seven days and advancing 8.95% on its monthly chart.
Indeed, Shiba Inu does have the foundations to continue its upward move, not just taking into account technical analysis (TA) indicators but also thanks to the efforts of its development team that has recently announced the launch of a revolutionary SHIB identity project on the blockchain.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
