Shiba Inu Predicted to See Further Price Increase by Machine Learning Algorithm
Machine learning and artificial intelligence algorithms are predicting further advances for Shiba Inu (SHIB), the famous dog-themed meme token and self-proclaimed โDogecoin killerโ. The advanced price projecting algorithm on the crypto analytics and forecasting platform PricePredictions sees SHIBโs price reaching $0.000043 by March 31, 2024. This would represent an 11.54% increase from its current price. The algorithm uses indicators such as Bollinger Bands, average true range, relative strength index, and moving average convergence divergence to make its predictions.
Shiba Inuโs Impressive Performance
Shiba Inu has been performing impressively in recent weeks, coming close to Dogecoin in terms of market capitalization and now ranking as the tenth-largest asset in the crypto sphere. As of now, SHIB is trading at $0.0000385525, indicating a 42.59% gain in the last 24 hours and a significant increase of 272.55% over the previous seven days. In the past month alone, it has risen by 327.34%. These numbers fuel the narrative that SHIB is a โDOGE killerโ.
Exceptionally Bullish Sentiment
The sentiment around Shiba Inu on its technical analysis gauges is also exceptionally bullish. It is rated as a โstrong buyโ on both the 1-week and 1-month gauges. Oscillators indicate a โbuyโ zone at 3, while moving averages point to a โstrong buyโ at 12.
Factors Contributing to Potential Success
Several factors could contribute to Shiba Inu meeting the machine algorithmโs price expectations:
- Increased burning rate: The uptick in SHIBโs burning rate may play a role in its price increase.
- Shibarium: The layer 2 blockchain Shibarium has recently surpassed the milestone of 3.5 million total blocks. This development could further support SHIBโs success.
Proceed with Caution
While the future looks promising for Shiba Inu, itโs important to remember that the cryptocurrency market is highly volatile. Things can change quickly, so itโs crucial to stay informed, conduct thorough research, and carefully assess the risks before investing a significant amount of money into any asset.
Hot Take: Shiba Inu on the Rise
Shiba Inu (SHIB) continues to make waves in the cryptocurrency world as it gains momentum and attracts attention as a potential โDogecoin killerโ. With machine learning algorithms predicting further price increases and impressive recent performance, SHIB is proving to be a force to be reckoned with. However, investors should approach with caution and be prepared for the volatility of the market. Keep a close eye on developments and conduct your own research before making any investment decisions in this exciting but unpredictable sector.
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