The popular meme coin, Shiba Inu, started May with a drop in line with the market. The leading crypto Bitcoin is in a similar situation and it fell below $ 28 thousand. So what levels will SHIB and BTC see until the end of May? We have compiled the predictions for our readers.
AI sets SHIB price for May 31
Shiba Inu (SHIB) has adopted a bearish trend that reflects the current direction of the overall cryptocurrency market. According to the latest information received on May 1, cryptocurrency tracking and forecasting platform PricePredictions has set the price of the Shiba Inu for May 31 at $0.000092. The prediction for the future value of SHIB comes as Shibarium passes beta testing of the bridge. When fully released, the bridge is expected to significantly improve its utility to the Shibarium.
SHIB 30-day price forecast / Source: PricePredictionsMeanwhile, PricePredictions’ SHIB forecast is based on technical indicators such as moving average convergence divergence (MACD), average true range (ATR), relative strength index (RSI), and others.
SHIB price analysis
As you follow on Kriptokoin.com, the Shiba Inu is experiencing a bearish trend. Accordingly, the SHIB price is down 2.35% in the last 24 hours and 3.21% in the last week. As of now, the Shiba Inu is priced at $0.000009985. This drop in price caused the market value of SHB to drop to $5.8 billion. He also highlighted the impact of recent market volatility.
SHIB 7-day price chart / Source: CoinMarketCapIt is also worth noting that the decline in SHIB’s value is part of a broader trend of market volatility in the cryptocurrency space.
Can Bitcoin reach $40,000 in May?
The leading cryptocurrency Bitcoin (BTC) has plunged, fueling a massive crackdown on the overall crypto market. At the time of this writing, Bitcoin is worth $27,921, down 4.69% in the last 24 hours. Week to Date (WTD) growth remains positive above 2%. However, the current gloom is masking the growth trend this week and thus this month. Crypto analyst Godfrey Benjamin assesses the latest status of Bitcoin and shares his forecast.
Meanwhile, Bitcoin is trading below the psychologically important $30,000 level. Despite this, Bitcoin provided relatively promising resilience above the key support level at $28,000. BTC correlates very closely with some key indices in the mainstream financial ecosystem. Some of these indices are the S&P 500 Index and the Nasdaq 100, respectively. Bitcoin’s stability to date can be attributed to its correlation with these indices amid promising performance reports from top tech giants in the United States such as Meta Platforms, Apple Inc, and Amazon.com Inc. .
Meanwhile, some major banks in the US have collapsed. This helped the correlation between BTC and gold to reach its highest level in 2 years. In addition, these assets have become a haven for most investors as the uncertainty surrounding banking increases. The industry is regaining its balance with news that JPMorgan Chase and Co will acquire First Republic Bank. However, it is possible that some key events for the rest of the week will have an impact on BTC.
The events in question are likely to help start a new rally in Bitcoin. In this case, Bitcoin is more likely to close the second quarter around $40,000 rather than overly optimistic forecasts of $100,000.
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