Shiba Inu (SHIB) Follows Bearish Trend, Predicted to Experience More Losses
As the cryptocurrency market faces a downturn and loses $230 billion in market capitalization in a single day, Shiba Inu (SHIB) has also succumbed to the bearish sentiment. Machine learning and artificial intelligence (AI) algorithms indicate that SHIB may continue to experience losses in the near future.
In fact, SHIB has already started reversing its previous gains and has fallen below its recent all-time high (ATH) of $73,738, which was reached on March 14. According to advanced price projection algorithms consulted on March 19, the decline may not stop there.
SHIB Price Prediction
The flagship decentralized finance (DeFi) asset, SHIB, could potentially continue to decline throughout March and reach a price of $0.000025 by April 1, 2024. This prediction is based on algorithms deployed by the crypto analytics and forecasting platform PricePredictions.
- This forecast represents a small decrease of 1.96% from SHIBโs current price.
- Indicators such as the moving average convergence divergence (MACD), relative strength index (RSI), Bollinger Bands (BB), average true range (ATR), and others were used to generate this prediction.
SHIB Price Analysis
Currently, SHIB is being traded at a price of $0.0000255, indicating a 7.51% decrease in the last 24 hours and a 20.56% decline over the past seven days. However, it still maintains a monthly gain of 161.68%.
This recent downward movement in the value of Shiba Inu is a response to the overall reaction of the crypto market to the upcoming United States Federal Open Market Committee (FOMC) meeting, which will take place on March 20. The outcome of this meeting could have an impact on the entire sector.
Furthermore, Bitcoin (BTC), the market representative, is currently experiencing a predicted pre-halving correction after several weeks of highly bullish movements. This correction is affecting the rest of the market, including Shiba Inu.
Despite the recent consolidation, the one-month sentiment gauges for SHIB remain optimistic. Oscillators indicate a โbuyโ at 14 and a โstrong buyโ at 10, while being in the โneutralโ zone at 7. This data is derived from finance and crypto market analytics platform TradingView.
Possible Future Outlook
Considering all factors, it is possible that the machine algorithmโs prediction for SHIBโs price may come true. However, the upcoming Bitcoin halving, which historically demonstrates strength for the leading cryptocurrency, could help the entire crypto market recover and reach new highs by the end of 2024.
Hot Take: SHIB Faces Bearish Trend with Potential Recovery in Sight
The cryptocurrency sector is currently facing a bearish trend, and Shiba Inu (SHIB) has not been immune to this downturn. The latest predictions based on machine learning and AI algorithms suggest that SHIB may continue to experience losses in the near future.
Although SHIB has already started reversing its previous gains and has fallen below its recent ATH, there is a possibility that it may decline even further. Price projection algorithms indicate that SHIB could reach a price of $0.000025 by April 1, 2024.
Currently, SHIB is being traded at $0.0000255, which represents a decrease of 7.51% in the last 24 hours and a 20.56% decline over the past week. However, it still maintains a monthly gain of 161.68%.
The recent decline in SHIBโs value can be attributed to the overall reaction of the crypto market to the upcoming FOMC meeting and the pre-halving correction of Bitcoin. Despite this, sentiment gauges for SHIB remain optimistic, indicating a potential recovery.
While the machine algorithmโs prediction may come true, the upcoming Bitcoin halving could help the entire crypto market recover and reach new highs by the end of 2024.
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