CandleFocus

AI predicts Shiba Inu price for year-end

The meme cryptocurrency Shiba Inu (SHIB) is currently experiencing short-term price volatility, but an AI tool predicts that the token will likely stabilize and rally by the end of 2024. The AI analysis suggests that SHIB could see a 70% rally and trade between $0.000005 and $0.00003 by December 31, 2024. The tool considers factors such as general market sentiment, regulatory changes, macroeconomic conditions, adoption, and utility. Additionally, an analyst also supports the bullish forecast, noting that SHIB may be forming a parabolic curve. If the bullish pattern holds and market sentiment strengthens, more investors could be attracted to SHIB. The ongoing resurgence of meme cryptocurrencies and community-led initiatives aimed at increasing SHIB's utility may also benefit the token. Efforts to reduce SHIB's supply through a burn mechanism are also anticipated to contribute to a bullish outlook. However, if the token breaks through a resistance range, it may face increased selling pressure.

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