The cryptocurrency market has been volatile, with many top coins experiencing significant price drops in recent weeks. Among these is Shiba Inu (SHIB), which has broken down from a 350-day pattern on the weekly timeframe, indicating a bearish trend. However, the RSI on the daily timeframe offers hope for a bullish reversal, though no bullish divergence has been confirmed. The direction of the future trend will depend on whether the price breaks out or gets rejected from the current descending resistance line, with a breakout leading to an increase towards $0.0000100 and a rejection causing a fall to $0.0000040.
In other news, Terraform Labs founder Do Kwon has been sentenced to four months in jail by a Montenegro court for document forgery. Kwon was arrested in March along with another Terra executive for the alleged possession of falsified documents. South Korean and U.S. authorities have requested his extradition to face criminal charges related to the collapse of the multi-billion dollar crypto enterprise Terra in May 2022. Kwon will remain in “extradition custody” for six months while South Korea’s request is under consideration.
On a positive note, Ethereum block explorer and analytics platform Etherscan has launched a new tool called Code Reader. The tool uses artificial intelligence to retrieve and interpret the source code of a specific contract address. The response is generated via OpenAI’s large language model (LLM), providing insight into the contract’s source code files. Use cases for Code Reader include gaining deeper insight into contracts’ code via AI-generated explanations and understanding how the underlying contract interacts with decentralized applications (dApps).
While AI has proved to be a useful tool for interpreting blockchain data, some experts have cautioned on the feasibility of current AI models. Complex data synchronization, network optimization, data privacy, and security concerns are some of the challenges faced in implementing AI in the blockchain space. Despite these challenges, AI remains a vital tool for analyzing and understanding the complex data generated by blockchain technology.