Shiba Inu (SHIB) Price Analysis: AI Predicts Potential Bull Run in 2024
Shiba Inu (SHIB) holders have faced a challenging few weeks as the token’s price dropped by 20% from its December high. However, an AI model called ChatGPT has analyzed the recent price action and suggests that there could be a significant upside for SHIB in 2024. The AI model also highlighted the potential of the upcoming Sponge V2 (SPONGEV2) token, which is set to make its debut on Uniswap soon.
Currently, SHIB is trading at $0.0000095 after a period of bearish price movement. The token has fallen below its 50-day exponential moving average (EMA) on the daily price chart, indicating a medium-term downtrend. Additionally, SHIB’s price has been forming lower highs and lower lows on the 4-hour time frame, confirming a downtrend.
These bearish technical indicators have impacted SHIB’s daily spot trading volume, which has decreased to $106 million. As a result, Solana-based Bonk (BONK) has now attracted more interest from traders. Despite the efforts to increase SHIB’s burn rate by its developers, the token’s price hasn’t seen much improvement. It is currently down 89% from its all-time high, and a push back to that level seems unlikely in the current conditions.
However, despite these challenges, ChatGPT’s AI model provides an upbeat forecast for SHIB’s prospects in 2024. The model believes that although recent technical indicators have painted a gloomy picture, SHIB is well-positioned for a potential bull run in 2024. As a meme coin that is closely tied to community sentiment, SHIB only needs a spark to trigger significant upside.
ChatGPT points to several factors that could fuel a rally for SHIB in the future. These include the possibility of an improving macro environment, renewed viral momentum, and meaningful project developments. If the development team can continue growing adoption of Shibarium, it may attract new interest and investment.
According to ChatGPT’s predictions, if bullish factors materialize, SHIB could reach anywhere between $0.000015 and $0.000025 in 2024. This would represent a potential rally of up to 161% from its current levels. Therefore, despite the bearish technical indicators at present, ChatGPT believes that SHIB has the potential for a comeback this year.
Interestingly, ChatGPT is not only bullish on SHIB but also on another meme coin called Sponge V2 (SPONGEV2). Sponge V2 is the upcoming version of Sponge (SPONGE), an ERC-20 token that experienced explosive growth in May 2023, increasing by almost 1,000%. The success of SPONGE has motivated its creators to develop SPONGEV2, which will have additional utility for token holders.
SPONGEV2 will be integrated into a blockchain-based racing game, enabling token holders to use the token within the game’s economy. This added utility has generated excitement within the Sponge community, with thousands discussing the token’s potential on the official Telegram channel. ChatGPT is also optimistic about Sponge V2’s prospects, highlighting its explosive potential.
Drawing from the success of SPONGE, ChatGPT predicts that Sponge V2 could reach anywhere between $0.002 and $0.005 this year, representing an increase of almost six times if it reaches the upper end of this target range. With the token receiving bullish price forecasts from influential figures such as YouTuber Michael Wrubel, the future appears bright for this SpongeBob-themed meme coin.
In conclusion, although Shiba Inu (SHIB) has faced challenges recently, ChatGPT’s AI model suggests that there is potential for a bullish rally in 2024. Similarly, Sponge V2 (SPONGEV2) has also attracted the attention of ChatGPT, with the model highlighting its explosive potential. Both tokens have their respective factors that could contribute to their success moving forward.
