The cryptocurrency market has seen a modest recovery over the past day. Top assets such as Bitcoin and Ethereum traded on the green edge on Friday, May 26. Most other top assets followed the leaders' hints, each gaining less than 0.5%. At press time, the global cryptocurrency market capitalization reached $1.1 trillion after rising 0.4% in 24 hours.
The price of Shiba Inu barely changed on the last day. At the moment, there is no clear bias in the market, as both bulls and bears seem to be hibernating. However, a new month is approaching and participants expect that things will change. Therefore, in this article, we will analyze the price expectation for SHIB on June 1 based on the insights of on-chain data and artificial intelligence predictive models.
According to PricePredictions, SHIB is likely to hover around $0.000008544 on June 1, 2023. This marks a slight decrease compared to the current trading value of $0.0000086. Therefore, according to the AI price model, the price of SHIB will continue to remain range-bound and trade in a tight range in the coming days.
SHIB has no direct on-chain resistance
According to on-chain data, there is currently room for a slight upside in Shiba Inu prices. Its next major resistance level is only around $0.000009. This is the average price at which 24.38k addresses get up to 23.2 trillion SHIB tokens.
This means that they are currently underwater and have no incentive to sell. They will only be triggered to cash out when the price reaches the above threshold and they start to break even. This, in turn, will have a bearish effect on the price. At the same time, if buying pressure increases and broader market conditions are favorable to it, SHIB may rise briefly and gradually tilt towards the above average bid price in the short term.