Shiba Inu (SHIB) has assumed a bearish trend, and investors are trying to gauge the price using various tools, such as those provided by AI.
With the fourth month of 2023 nearing its conclusion, Shiba Inu (SHIB) has assumed a bearish trend of the general cryptocurrency market that has prevailed during the past week, and crypto traders and investors are trying to gauge the price of the dog meme crypto asset for the near future, using various tools, such as those provided by artificial intelligence (AI).
In this context, the machine learning algorithms over at the cryptocurrency monitoring and prediction platform PricePredictions have set the price of Shiba Inu at $0.000010 by May 1, 2023, which is not a major change compared to its current price, according to the latest information retrieved by Finbold on April 24.
That said, this prediction, which relies on technical indicators like moving average convergence divergence (MACD), average true range (ATR), relative strength index (RSI), and others, is slightly lower than those for April 30 and March 31, respectively, which both stood at $0.000011 when Finbold earlier reported on them.
SHIB 7-day price forecast. Source: PricePredictions
SHIB price analysis
As things stand, Shiba Inu is currently changing hands at the price of $0.00001027, which demonstrates a decline of 1.68% in the last 24 hours, as well as an 11.15% drop across the past week, in addition to losing 3.13% to its value on its monthly chart.
SHIB 30-day price chart. Source: Finbold
Meanwhile, the sentiment on the one-day gauges retrieved from the finance and crypto tracking website TradingView is predominantly bearish, suggesting ‘sell’ at 15. This sentiment is the result of the oscillators in the ‘neutral’ zone at 8, as well as the moving averages (MA) indicating a ‘strong sell’ at 13.
SHIB 1-day sentiment gauges. Source: TradingView
Whether SHIB continues trading sideways in May, as predicted by the machine algorithms or makes a significant move in either direction, will depend on the related developments, such as the upcoming Shibaswap 2.0, as well as the sentiment on the wider crypto market and macro landscape.
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