Although many assets in the cryptocurrency market have turned red, Shiba Inu (SHIB) is moving in the opposite direction, recording significant gains on its daily chart, and machine learning and artificial intelligence (AI) algorithms predict further (albeit modest) price increases in the following weeks.
Indeed, Shiba Inu has made a surprising twist that has seen it advance over 7% in a matter of hours without any significant announcement or development during the weekend, other than the popular token becoming one of the payment methods on CoinGate last week.
1-month Shiba Inu price forecast. Source: PricePredictions
In other words, provided that the algorithm, which uses technical analysis (TA) indicators like average true range (ATR), relative strength index (RSI), Bollinger Bands (BB), and others, is correct, the price of SHIB would increase 1.61% by the end of this month.
SHIB price analysis
Meanwhile, Shiba Inu is trading at the price of $0.00002362, which indicates a 7.18% gain in the last 24 hours, an increase of 0.11% across the previous seven days, as well as an advance of 4.18% in the last month, in addition to growing 130.04% since the year’s turn.
SHIB price 30-day chart. Source: Finbold
It is also worth noting that the sentiment on SHIB’s 1-month technical gauges is bullish and suggests a ‘buy,’ as recorded by oscillators in the ‘buy’ zone at 2 and moving averages (MA) pointing at a ‘strong buy’ at 7, as per the most recent TradingView information.
SHIB 1-month technical gauges. Source: TradingView
At the same time, renowned crypto trading expert Ali Martinez has pointed out that SHIB has broken the upper boundary of a descending parallel channel at $0.00002444, which means that the popular dog meme token could see an “upswing to $0.00002954,” according to his X post on May 13.
If #ShibaInu breaks the upper boundary of this descending parallel channel at $0.00002444, $SHIB could witness a 20% upswing to $0.00002954! pic.twitter.com/z5qBKiiyNy
— Ali (@ali_charts) May 13, 2024SHIB bullish factors
So, why is Shiba Inu going up today? Notably, SHIB’s recent surprising price movements occurred several days after CoinGate, a blockchain payment processor, added Shiba Inu as a payment method, integrating it with Polygon (MATIC) and Binance Smart Chain (BSC) on May 10.
We love SHIB! ❤️To prove that, we have added #SHIB support for #Polygon and Binance Smart Chain.#Shibarmy, use your $SHIB to book Airbnb, grab the latest games from Steam & PS5, refresh your wardrobe with Nike & Zalando and more!Explore all options: https://t.co/bhrB9i7OrF pic.twitter.com/2dS2JVD3V8
— CoinGate (@CoinGatecom) May 10, 2024Other than that, there have been no major news or announcements over the weekend related to the Shiba Inu ecosystem that may have assisted in moving the needle in SHIB’s favor, which points to a more meaningful role of technical factors as the main trigger for its sudden rise.
Ultimately, the AI algorithm might be correct in its prognosis, especially considering the token’s recent price action, but it is still just that – a prognosis – which may or may not come true as things in the crypto market can change, so doing one’s own research and keeping up with any SHIB news is important.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
