Shiba Inu (SHIB) Faces Downward Pressure Amidst Crypto Market Slump
The cryptocurrency market witnessed a brutal sell-off, wiping away a staggering $230 billion in market cap within a single day. This bearish trend has impacted Shiba Inu (SHIB), a popular meme coin, with machine learning algorithms predicting further losses shortly.
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SHIB Price Tumbles After Recent Highs
Following a period of significant price gains, SHIB has entered a notable reversal. PricePredictions, a crypto analysis platform, forecasts SHIB to remain around $0.000025 by April 1st, 2024. This prediction is based on technical indicators like MACD, RSI, Bollinger Bands, and ATR.
Currently, SHIB shows a slight 2% gain in the last 24 hours, trading at $0.00002593. However, it’s down 20% compared to last week. Despite the short-term dip, SHIB maintains a significant 161% gain on its monthly chart.
Factors Behind SHIB’s Price Movement
The crypto market’s recent downturn coincides with anticipation surrounding the upcoming Federal Open Market Committee (FOMC) meeting on March 20th. Decisions made at this meeting could significantly impact the cryptocurrency sector. Additionally, Bitcoin (BTC), the leading cryptocurrency, is undergoing a pre-halving correction, which often influences the prices of other coins, including SHIB.
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Sentiment and Future Outlook
Despite the price consolidation, one-month sentiment indicators for SHIB remain cautiously optimistic. TradingView gauges suggest a ‘buy’ sentiment with the potential for a ‘strong buy’ shortly. While machine learning algorithms predict an immediate decline, the upcoming Bitcoin halving could potentially reverse the trend. Historically, Bitcoin halvings have triggered price surges across the crypto market, potentially pushing SHIB higher by the end of 2024.
Remember, Crypto is Volatile: Do Your Research
The cryptocurrency market is inherently volatile. It’s crucial to remember that price predictions based on algorithms and technical indicators are just forecasts and shouldn’t be the sole basis for investment decisions. Always conduct thorough research before investing in any cryptocurrency.
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Dr. Olajide Samuel juggles the demands of medical studies with a passion for cryptocurrency. A seasoned blogger, Olajide shares his vast global knowledge of the crypto space, offering insights to enthusiasts. Despite his busy schedule, his commitment to crypto remains strong, and he actively seeks ways to contribute to its future.
