The price of Shiba Inu has been predicted to experience a major increase amidst the 2024 bull market that has propelled various meme coins to new all-time highs. This forecast puts the spotlight on the doggy-themed cryptocurrency, highlighting a potential for more increases in its price value.
SHIB Expected To Rise In April
Machine learning algorithm, PricePredictions has made a bullish price forecast for Shiba Inu’s native token, SHIB. According to the Artificial Intelligence (AI) platform, SHIB is currently displaying long-term bullish signals and could see its price potentially surging to $0.00003 by April 20, 2024.
Sharing a chart of Shiba Inu’s historical price movements, PricePredictions disclosed that SHIB is currently struggling at resistance levels of $0.00003. The cryptocurrency recently experienced a significant decline of 6.99% over the past week. However, despite the price drop, SHIB is anticipated to undergo a short-term price recovery as traders take advantage of the dip as a buying opportunity.
Using price indicator tools like Moving Weighted Averages (MWA), and Bollinger Bands (BB), PricePredictions analyzes a cryptocurrency’s price momentum over the years, leveraging historical trends to predict the cryptocurrency’s future value. The platform employs advanced machine learning algorithms to generate market forecasts and price predictions of cryptocurrencies.
Despite the promising future outlook of Shiba Inu, indicated by its relatively steady upward trajectory over the past few months, it’s important to recognize the inherent difficulty in accurately predicting future prices of cryptocurrencies. Nevertheless, technical analysis from AI platforms like PricePrediction can offer insights into a cryptocurrency’s price movements and current performance.
Shiba Inu Price Update
Recently, the price of SHIB has been displaying bearish trends, experiencing a 6.18% decline in the past 24 hours and a 7.52% drop over the past seven days. The cryptocurrency has failed to hold key support levels at $0.00003, plummeting to a price of $0.000027, at the time of writing.
According to its price chart from CoinMarketCap, Shiba Inu is currently showing red candles and may continue downward if it does not undergo a price reversal. Including SHIB, other meme coins have been on a bearish trajectory recently.
Popular meme coins like Pepe (PEPE) have witnessed a price drop of more than 10% in the past 24 hours. While the price of Dogecoin (DOGE) is trading at $0.18, reflecting a price decrease of about 9.3% in just a day.
These bearish prices may indicate the present market sentiment surrounding meme coins, suggesting a cautious outlook among investors.
SHIB price teases recovery trend | Source: SHIBUSDT on Tradingview.com
Featured image from CoinCodex, chart from Tradingview.com
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