- The cryptocurrency market, led by altcoin Ethereum and popular meme coin Shiba Inu (SHIB), is beginning to recover from the recent downturn. However, the duration of this recovery remains uncertain, leaving investors curious about the trajectory of these tokens following a volatile April.
- Artificial intelligence (AI) predictions for the end of May suggest a downward trend for both Ethereum and Shiba Inu.
- Despite this, some analysts, like Ali Martinez, see potential bullish formations in the trading charts of these coins.
As the crypto market shows signs of recovery, AI predictions suggest a downward trend for Ethereum and Shiba Inu by the end of May. However, some analysts see potential bullish formations, indicating a possible upswing.
AI Predicts Shiba Inu’s Price by May 31
Shiba Inu (SHIB Coin) experienced a significant drop on May 1, falling to $0.000020. However, it has since rebounded to $0.000023, although it still remains in the red zone on its weekly chart, down by over 8%. Despite this recent volatility, Shiba Inu has shown a notable growth of 133% year-on-year, outperforming 69% of the top 100 cryptocurrencies during the same period. The latest market dynamics have placed SHIB above its 200-day simple moving average, a sign of underlying strength amidst short-term fluctuations. However, only 13 of the past 30 days have been positive for SHIB Coin, accounting for 43% of the trading period. Despite this, the coin’s performance over the past year shows resilience in a broader perspective. AI-based price prediction algorithms from PricePredictions forecast a price of $0.000019 for SHIB Coin by the end of May, reflecting ongoing pressure and a potential drop of approximately 17% from its current price.
SHIB Coin Price Prediction from Popular Analyst
Popular crypto analyst Ali Martinez has identified a bullish formation in SHIB’s trading charts. Martinez points out that Shiba Inu is potentially developing a bull flag formation on its daily chart. This classic continuation formation typically follows a strong price increase and indicates a consolidation period that could potentially lead to another upswing. Martinez is expecting a breakout that could push the SHIB Coin price to $0.000072323, suggesting a significant upward potential that could quintuple its current price, if realized.
AI Predicts Ethereum’s Price by May 31
As you may know, Ethereum experienced a sharp drop during Wednesday’s sell-off wave. It is now slowly progressing towards reclaiming the $3,000 level it lost earlier this week. However, despite these positive signs for Ethereum, PricePredictions does not foresee the ETH price issues ending by the end of this month. The AI predicts that the Ethereum price will drop to $2,534.25 by May 31, which would be a decline of approximately 16% from its current level.
Ethereum Price Analysis
Currently, Ethereum is trading at $2,993.07, indicating a 3.57% increase over the past 24 hours. However, according to recent data, it has lost 3.80% of its value over the past seven days and experienced a 10.78% drop over the past month. Meanwhile, Ali Martinez, a popular analyst, has identified positive signals for Ethereum. The analyst highlighted that April 29 recorded 139,560 new ETH addresses, marking the most successful day for network growth in over a year. As Martinez has previously pointed out, Ethereum faces a strong resistance level at $3,200. This level poses a significant barrier due to the substantial holdings of approximately 2.34 million addresses that collectively own 5.14 million ETH at this average price.
Conclusion
As the crypto market recovers, AI predictions suggest a downward trend for both Ethereum and Shiba Inu by the end of May. However, some analysts see potential bullish formations in the trading charts of these coins, indicating a possible upswing. Investors should keep a close eye on these developments and make informed decisions based on their risk tolerance and investment goals.
