With the third month of 2023 already underway, the cryptocurrency market has slowed down the gains from the year’s beginning, and Shiba Inu (SHIB) is no exception, leading crypto traders and investors to observe indicators of its future movements, including those provided by machine learning platforms.
As it happens, the machine learning algorithms over at the cryptocurrency tracking platform PricePredictions have projected that the price of Shiba Inu would reach $0.000011 by March 31, 2023, according to the latest data accessed by Finbold on March 2.
Indeed, the algorithms relying on technical indicators like the moving averages (MA), moving average convergence divergence (MACD), Bollinger Bands (BB), average true range (ATR), relative strength index (RSI), and others, suggest a decrease of 8.03% from SHIB’s current price.
At the same time, the sentiment on the 1-day gauges at the finance and crypto tracking website TradingView is generally bearish for Shiba Inu and suggests ‘sell’ at 12, as summarized from the moving averages pointing to ‘sell’ at 10 and oscillators suggesting ‘sell’ at 2.
Shiba Inu price analysis
At press time, Shiba Inu was changing hands at the price of $0.00001196, which represents a decline of 3.54% on the day, as well as of 8.93% compared to seven days earlier, although SHIB is still recording gains of 3.79% on its monthly chart.
Whether the dog meme token succeeds in reaching the price predicted by the deep learning algorithms will depend on developments surrounding it, such as the beta launch of the Layer-2 network Shibarium and the exclusive exhibit of the SHIB: The Metaverse at the 2023 SXSW, as well as the wider crypto and macro sentiment.
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