AI revises Shiba Inu price prediction for end of 2024

With the majority of assets in the cryptocurrency market slowing down their previous gains or even starting to reverse them, Shiba Inu (SHIB) is no exception, but artificial intelligence (AI) remains optimistic regarding the future price of the token based on popular doge meme.

As it happens, the price of Shiba Inu has been in the red for the past day, having lost over 5% to its value in just 24 hours. However, it has been recording continuous gains this year, climbing nearly 150% since the year’s turn in a demonstration of its strength and potential for the future.

Shiba Inu price prediction 2024

Notably, by combining the leading AI models and comprehensive analytics data offered by PrimeXBT, a prominent crypto trading platform that relies on critical technical analysis (TA) indicators, Finbold was able to arrive at a potential price range for Shiba Inu by the end of this year. 

Picks for you

How rich is the longest-sitting Republican senator: Chuck Grassley's net worth revealed 41 mins ago
Crypto trader makes $488k in 5 hours trading Jenner token 44 mins ago
How rich is Tennessee senator Marsha Blackburn; Marsha Blackburn's net worth revealed 1 hour ago
Ripple v. SEC case update as of May 30, 2024 2 hours ago

Specifically, OpenAI invention ChatGPT-4o suggests moderate growth to $0.00003 – $0.00005 by December 2024, based on moving average convergence divergence (MACD) and relative strength index (RSI), in line with PrimeXBT data that indicates bullish divergence on SHIB’s current MACD and neutral RSI.

Meanwhile, Claude 3 Opus, a recent AI model by Anthropic, has set the possible SHIB price in a $0.00004 – $0.00006 range, considering its historical chart patterns and growing mainstream adoption. Simultaneously, PrimeXBT’s trading volume data shows a steady increase, aligning with Claude’s positive forecast.

Finally, Grok by xAI, which combines real-time data from social media and investor sentiment, has offered a price range of $0.000035 – $0.000055, suggesting a possible price increase by factoring in SHIB whale transactions and high social media activity also recorded by PrimeXBT.

Shiba Inu price analysis

For now, Shiba Inu is changing hands at the price of $0.00002623, recording a decline of 5.30% in the last 24 hours but nonetheless advancing 3.14% across the previous seven days, and accumulating a gain of 11.59% over the past month, according to the most recent PrimeXBT data retrieved on May 30.

Indeed, as the PrimeXBT charts show, SHIB has bounced off the $0.00003 resistance zone, settling in the $0.000026 area, although this reversal is not critical, and the popular token might still continue upward, particularly as it trades higher than its 50-day exponential moving average (EMA) and above the support line for the last couple of weeks.

Shiba Inu price chart. Source: PrimeXBT
Shiba Inu price chart. Source: PrimeXBT

All things considered, the currently 11th-largest crypto asset by market capitalization might recover and continue to grow its price towards the year’s end, evidenced by AI models’ offered ranges corroborated by PrimeXBT’s latest data and supported by positive developments, like Shibarium significantly speeding up its Ethereum (ETH) bridge time.

That said, doing one’s own research and carrying out a detailed risk analysis is critical when investing large amounts of money in any asset, as things in the crypto sector can sometimes change without warning, so caution is necessary to avoid significant losses.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Comments

Post a Comment

Popular posts from this blog

Inquiry on Binance headquarters and audit left unanswered by new CEO Richard Teng

The new CEO of the Binance exchange, Richard Teng, dodged answering a question about the location of the company’s headquarters and its audit or. His statement was made as part of the Crypto and Digital Assets Summit organized by the Financial Times. During his speech, the new CEO of the exchange once again emphasized Binance’s “shortcomings” with respect to the company’s regulatory requirements. At the same time, Teng avoided questions related to the organization’s activities and structure. You might also like: Richard Teng takes the helm at Binance promising a shift away from outlawed behaviour When about Binance’s global headquarters , and whether the company will be audit ed, or if it plans to apply for a license in the UK, Binance’s new CEO said that he had already answered each of the questions asked “previously.” When asked again about the headquarters , Teng again brushed it off, emphasizing that it was “under consideration.” “...
Read more

Polygon 2.0 Aims to Become the Value Layer of Internet

Image
Thus, Polygon 2.0 will serve as a fundamental layer to create, exchange, as well as program value. The team claims that Polygon 2.0 will help democratize the global economy just as the internet helped in democratizing information access. Polygon 2.0 brings decentralized finance, digital ownership, and innovative coordination methods to the forefront. It fills the gap in creating an Internet that prioritizes users rather than gatekeepers, rent-seekers, or intermediaries. The new and upgraded Polygon version will serve as the blueprint for building the Value Layer. It Features a set of proposed upgrades bringing a major shift in the protocol’s architecture, tokenomics, and governance. The team shall reveal more details regarding Polygon 2.0 in the coming weeks. They will detail the future of the Polygon PoS chain, as well as the utility and the evolution of the MATIC token. Recommended Articles ...
Read more

Australian regulator ASIC to ramp up focus on digital scam

ASIC, Australia’s financial watchdog, has announced a new four-year plan prioritizing consumer protection against digital scams, including cryptocurrency-related frauds. ASIC, the Australian Securities and Investments Commission, has unveiled a new four-year strategy aimed at shielding consumers and businesses from digital scams, including those involving cryptocurrencies. Chair Joe Longo indicated that while ASIC has made strides since outlining its priorities last year, there’s ongoing work. The regulator is adapting to shifts in sustainable finance, the digital economy, and the challenges an aging population poses. You might also like: ASIC releases the top 10 ways to spot a crypto scam Longo also mentioned that ASIC closely monitors how emerging technologies like AI could impact businesses and consumers. Australia has been generally favorable toward digital currencies. The country has both embraced and regulated cryptocurrencies, most notably by exempt...
Read more