The valuation of the meme cryptocurrency Shiba Inu (SHIB) has been a subject of speculation amid ongoing network developments aimed at giving the network more utility.
Within this context are several price targets for this meme coin, with the broader community aiming for the coveted $1 milestone. However, to attain this position, Shiba Inu will likely need the support of a $0.50 price floor.
To assess the likelihood of SHIB reaching the $0.50 level, Finbold sought insights from the generative artificial intelligence (AI) platform Google Bard. When asked about Shiba Inu’s path to $0.50, Bard identified several factors that could potentially elevate SHIB to this price point.
SHIB seven-day price chart. Source: Finbold
Regarding technical analysis, Shiba Inu is currently dominated by bearish sentiments. A summary of the one-day gauges obtained from TradingView corresponds to a sell sentiment score of 12, which aligns with the 10 from the moving averages. Oscillators are currently neutral, registering a score of 8.
SHIB technical analysis. Source: TradingView
Finally, the prospects of SHIB also depend on the overall momentum in the broader cryptocurrency market.
Disclaimer:The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
