With the larger part of the cryptocurrency market going through a bullish period, many of its assets trading near their all-time highs (ATHs), Shiba Inu (SHIB) has been demonstrating strength as well, and machine learning and artificial intelligence (AI) algorithms predict more advances in the near future.
As it happens, SHIB has managed to grow its price by nearly 180% since the year’s turn, much of which occurred in the last month, during which it has advanced an impressive 35%, although its more recent price action is showing signs of slowing down.
Shiba Inu price prediction
In terms of its future performance, Shiba Inu could continue to make modest growth, potentially hitting $0.00003 by April 30, 2024, according to the advanced algorithms deployed by the crypto analytics and forecasting platform Price Predictions on April 1.
In other words, should this prediction, relying on indicators like the Bollinger Bands (BB), relative strength index (RSI), moving weighted average (MWA), and others, come true, it would represent a very modest gain of 3.38% from the price of Shiba Inu at the time of publication.
SHIB price analysis
For the time being, the dog-themed coin is trading at the price of $0.00002902, recording a decline of 4.19% on the day, but nonetheless advancing 3.98% across the past week, adding 34.95% on its monthly chart, as well as racing 181.06% this year, as per the latest data.
Meanwhile, the above price changes and positive predictions are happening against the backdrop of increased activity on the SHIB network, particularly in terms of burning of its excess tokens, the rate of which has surged over 2,330% in March, according to the SHIB burn tracker Shibburn data on April 1.
At the same time, it is also important to note that early Bitcoin (BTC) adopter Davinci Jeremie has recently advised his followers to include Shiba Inu in their portfolios, taking into account the above-witnessed burning mechanism and development of the Shibarium blockchain.
Yes. https://t.co/C3Wj5De5Xa
— Davinci Jeremie (@Davincij15) March 31, 2024
All things considered, the above price prediction could be correct and the famous token could, indeed, only make a modest advance, but trends in this field can sometimes flip on a whim, so doing one’s own research and keeping an eye out on any important Shiba Inu news is critical before investing.
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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