Amidst the recent market correction after weeks of bull run, the crypto market is taking a pause before reaching the highly anticipated $3 trillion market cap. With this sell-off coming before the Bitcoin Halving in April, the meme coin sector is taking a critical hit as big names like Dogecoin and Shiba Inu are quick to react.
As the weekly return turns negative, the Shiba Inu price has taken a dip of 11.72%. Further, the higher price rejection in the last weekly candle puts an additional bearish tone to the SHIB price chart.
Shiba Inu Price Analysis
In the weekly chart, the downfall over the past few days leads to a new bearish candle as the SHIB price reverses from the 50% Fibonacci level. With this, the meme coin fails to expand beyond the $0.000036 mark.
Source: Tradingview
Despite the downfall, the long-term trend in the Shiba Inu price signals a bullish trend reversal after years of downtrend. With the meme coin regaining the levels last seen in February 2022 and the surge of 240% surge within two weeks, the uptrend seems unstoppable.
Hence, as per our price analysis, the Q2 2024 for Shiba Inu could be extremely bullish, with the breakout run potentially hinting at a jump to $0.00010381.
To back up our analysis, we shared this image with ChatGPT. Here’s what the AI predicted for Shiba Inu in Quarter 2 of 2024.
ChatGPT Predicts 300% Surge In SHIB Prices In Q2 2024
As per the price analysis of the above image by OpenAI’s ChatGPT, the Shiba Inu meme coin is about to explode in the coming quarter. Using the Fib levels, the AI predicts a 308% jump considering the SHIB price approaches the $0.00042404 mark.
However, it is the most bullish case. In a conservative approach, GPT predicts a potential move in Shiba Inu to $0.00026156 at the 2.618 Fib level, which would account for a 151% surge.
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