The underlying demand is rising, and sideline traders and institutional investors anticipate a bullish recovery. Surprisingly, the top choices for best performers are meme coins like Dogecoin and Shiba Inu, known for their massive price jumps.
Despite a weak bullish trend in the past few weeks, the general trend in the SHIB token is sideways to bearish. A potential breakout on the cards teases a massive upspring in Shiba inu coin prices with increased momentum.
Moreover, for further insight into the potential SHIB price trend in May, we consulted ChatGPT 4.0 to forecast the meme coin’s performance.
Let’s review the current performance and delve into ChatGPT’s SHIB price prediction one month after the Bitcoin Halving.
SHIB Price Performance
With negative 18% returns in the last 30 days, the SHIB price trend reflects an increased bearish influence. The minor increase in selling pressure leads to a declining trend and attempts to undermine the massive jump in early March.
However, the 4H chart reflects a triangle formation with a solid support trendline, giving a bullish reversal possibility. Currently, the SHIB price trades at $0.00002470, close to the 50% Fibonacci level, support trendline, and the $0.00002450 demand zone.
As the meme coin trades close to multiple bullish catalysts, a reversal is possible down the line, teasing a bullish break. With such a breakout, the SHIB price could break the $0.00004382 peak and surpass $0.000050.
To confirm our price chart analysis, we asked ChatGPT to predict the SHIB price trend in May. Here’s what the AI predicted for Shiba Inu in May 2024.
ChatGPT’s Bullish View on Shiba Inu Coin Price
Detecting the symmetrical triangle pattern, the AI predicts two potential scenarios for the meme coin. With a possible bullish break, the SHIB price could skyrocket beyond the psychological mark of $0.000050.
Conclusion
In short, the technical analysis and the ChatGPT price prediction share a similar bullish viewpoint, teasing a potential jump beyond the psychological mark of $0.000052.
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