Shiba Inu Price Prediction as Elon Musk Taunted Memecoin by Poem

Elon Musk, the very quirky techie billionaire and Tesla CEO, came to Twitter on Friday to share another of his meme tweets. This time, he altered the lyrics of a famous song, "The Impossible Dream," which was originally performed by Welsh musician and TV personality Rhydian. The song's opening line now reads, "To meme the impossible meme, to fight the unstoppable foe."

Musk sent this comment to ChatGPT, an artificial intelligence tool that he had derided as "awake" earlier this year. Musk announced on March 3 that his interests now encompass not only bitcoin but also artificial intelligence.

Earlier, Musk said that ChatGPT was sending users SMS with bogus information designed by its inventor, OpenAI, in order to avoid offending users on the basis of politics, religion, ethnicity, and other sensitive themes. It's worth mentioning that Musk was a co-founder of OpenAI in 2015, but he left three years later owing to disagreements with the other co-founders.

Rumours say that Elon Musk is looking for AI scientists and specialists to assist him to launch his own AI startup, which might compete with OpenAI. This recent tweet is just another example of Musk's persistent criticism of ChatGPT and his continued interest in artificial intelligence development. Also, the tweet helped the coin from sliding down and added 5% more into the current bullish trend to excel in Shiba inu price prediction.

Shiba Inu Price Prediction

Shiba Inu is now trading at $0.000011 USD with a 24-hour trading volume of $302,834,242 USD. Shiba Inu has increased by 4.87% in the previous 24 hours. SHIB is currently ranked 13 on CoinMarketCap, with a market cap of $6,576,099,659 USD. The circulation supply is 589,545,432,500,156 SHIB coins, and the maximum supply is not known.

Source: CoinMarketCap

Shiba Inu Price Prediction: Daily Chart

Previously, Shiba Inu made a head and shoulder pattern that caused the prices to crash down to $0.00000968. However, the current collapse of US banks has given SHIB a boost, causing it to surge a bit in recent times.

Currently, SHIB is making a W-pattern, which indicates a bullish surge in the near future. This pattern suggests that the price of SHIB will rise soon, and investors may benefit from this upward trend.

Moreover, the Relative Strength Index (RSI) is at 48 and rising, which could mean that the SHIB market may enter the “Buy” market anytime soon. This indicates that the buyers may become more active than the sellers, leading to an increase in demand for SHIB and hence, an increase in its price. All of these factors suggest that there may be a significant increase in the price of SHIB in the coming weeks.

Source: TradingView

Shiba Inu Price Prediction: Hourly Chart

In the four-hour chart, the Shiba Inu price is above the 100-day EMA, which is now at $0.00001110. Recall that the 100-day EMA is the immediate resistance on the daily chart.

A daily closing above $0.00001110 might serve as proof that support is still in place and that the path of least resistance is upward.

The 200-day EMA resistance around $0.00001148 is the second and most noticeable feature of the four-hour chart. If SHIB converts this level into short-term support, it may pique the interest of retail traders, particularly those on the fence.

In the four-hour chart, the MACD maintains the buy signal, but this time it is above the mean line. Investors are keen to keep their gains, especially if the market recovers this week ahead of the Federal Reserve's decision on a probable interest rate rise on March 22.

Source: TradingView