Memecoins
ChatGPT predicts Shiba Inu (SHIB) price for May: what lies ahead for Memecoin
Underlying demand is rising and traders and institutional investors are anticipating a bullish recovery. Surprisingly, the top picks for top performers are meme coins like Dogecoin and Shiba Inu, known for their massive price surges.
Despite a weak uptrend over the past few weeks, the overall trend of the SHIB token is sideways bearish. A potential breakout on the charts portends a massive rise in Shiba Inu coin prices with increased momentum.
Additionally, for more information on the potential price trend of SHIB in May, we consulted ChatGPT 4.0 to forecast the performance of the meme coin.
Let’s review the current performance and take a look at ChatGPT’s SHIB price prediction one month after the Bitcoin halving.
SHIB Price Performance
With negative returns of 18% over the past 30 days, SHIB’s price trend reflects increased bearish influence. The slight increase in selling pressure leads to a downward trend and attempts to undermine the massive jump in early March.
However, the 4H chart reflects a triangle formation with a strong support trendline, giving a possibility of a bullish reversal. Currently, SHIB price is trading at $0.00002470, close to the 50% Fibonacci level, support trendline and $0.00002450 demand zone.
As the meme trades near several bullish catalysts, a reversal is possible down the line, heralding a bullish breakout. With such a breakout, SHIB price could cross the high of $0.00004382 and surpass $0.000050.
To confirm our price chart analysis, we asked ChatGPT to predict the SHIB price trend in May. Here’s what AI predicted for Shiba Inu in May 2024.
ChatGPT Bullish View on Shiba Inu Coin Price
By detecting the symmetrical triangular pattern, the AI predicts two potential scenarios for the meme coin. With a possible bullish breakout, SHIB price could skyrocket beyond the psychological $0.000050 mark.
Conclusion
In short, technical analysis and ChatGPT price prediction share a similar bullish view, hinting at a potential jump beyond the psychological $0.000052 mark.