Increased demand is driving interest from sideline traders and institutional investors due to the potential for a bullish recovery. Notably, meme coins like Dogecoin and Shiba Inu, known for their significant price surges, are top picks among investors.

Despite a recent weak bullish trend, the overall SHIB token trend remains sideways to bearish. There are hints of a potential breakout on the horizon, suggesting a substantial increase in Shiba Inu coin prices with growing momentum.

For a deeper understanding of the possible SHIB price trajectory in May, insights from ChatGPT 4.0 were sought to predict the meme coin's performance.

SHIB Price Analysis

Over the last 30 days, SHIB has shown negative returns of 18%, indicating a prevailing bearish sentiment. The slight rise in selling pressure is contributing to a downward trend, attempting to offset the significant surge seen in early March.

Despite this, the 4H chart illustrates a triangle formation with a robust support trendline, hinting at a potential bullish reversal. Currently trading at $0.00002470, close to the 50% Fibonacci level, support trendline, and the $0.00002450 demand zone, SHIB price is positioned near key bullish indicators.

With the meme coin hovering near several bullish catalysts, a future reversal seems likely, hinting at a bullish breakout. Should this occur, SHIB price could breach the previous peak of $0.00004382 and exceed $0.000050.

To verify this price analysis, ChatGPT was consulted to forecast SHIB's price trend in May. Below are the AI's predictions for Shiba Inu in May 2024.

ChatGPT's Price Prediction for Shiba Inu Coin

Identifying a symmetrical triangle pattern, ChatGPT has outlined two potential scenarios for the meme coin. A bullish breakout could propel SHIB's price above the psychological barrier of $0.000050.

Summary

In summary, both the technical analysis and ChatGPT's price forecast align on a bullish outlook, suggesting the potential for a significant surge beyond $0.000052.