The cryptocurrency market has recently experienced a significant downturn, erasing $230 billion in market capitalization in just a single day. Shiba Inu (SHIB), a popular meme-inspired cryptocurrency, has not been immune to this bearish trend. Machine learning algorithms indicate further potential losses for SHIB in the near term.
SHIB Price Analysis and Prediction
After a massive surge in price recorded days ago, SHIB embarked on a notable reversal trend. PricePredictions, a cryptocurrency analytics platform, forecasts that SHIB will remain in $0.000025 price region on April 1, 2024.
Read Also: State-of-the-Art Machine Learning Algorithm Sets Shiba Inu (SHIB) Price For September 30, 2023
This prediction is based on various technical indicators, including the MACD, RSI, Bollinger Bands, and ATR.
Currently, SHIB is trading at $0.00002593, representing a relatively 2% gain in the last 24 hours and a 20% decline over the past week. Despite this short-term pullback, the digital asset still maintains a substantial 161% gain on its monthly chart.
Factors Influencing SHIB’s Price
The recent downturn aligns with broader crypto market sentiment ahead of the anticipated United States Federal Open Market Committee (FOMC) meeting on March 20th. Market outcomes from this meeting carry the potential to impact the cryptocurrency sector. Additionally, Bitcoin (BTC), the flagship cryptocurrency, is undergoing a pre-halving correction phase which often influences the prices of other cryptocurrencies, including Shiba Inu (SHIB).
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Sentiment and Outlook
Despite the recent price consolidation, one-month sentiment indicators for Shiba Inu remain cautiously optimistic. According to TradingView, gauges suggest a ‘buy’ with the potential for a ‘strong buy’ sentiment.
Read Also: State-of-the-Art Machine Learning Algorithm Sets Shiba Inu (SHIB) Price For September 30, 2023
While machine learning algorithms anticipate an immediate decline, the upcoming Bitcoin halving could potentially reverse this trend. Historically, Bitcoin halvings have demonstrated a positive impact on cryptocurrency prices, potentially extending to the broader market and pushing prices higher by the end of 2024.
Cryptocurrency markets are known for their significant volatility. It’s crucial to remember that price predictions based on algorithms and technical indicators are just forecasts and should not be solely relied upon for investment decisions. Always conduct in-depth research before investing in any cryptocurrency.
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