With the cryptocurrency sector switching its previous gains for trading in the red and wiping $230 billion in a day from its market capitalization, Shiba Inu (SHIB) has followed the bearish sentiment, and machine learning and artificial intelligence (AI) algorithms predict more losses in the near future.
Indeed, SHIB has started to reverse the advances it attained in the past several weeks, dropping well below its most recent all-time high (ATH) of $73,738 it reached on March 14, and it might not even stop there, as per the advanced price projection algorithms consulted on March 19.
SHIB price prediction 30-day chart. Source: PricePredictions
SHIB price analysis
For now, the dog-themed crypto asset is changing hands at the price of $0.0000255, which suggests a decrease of 7.51% in the last 24 hours, as well as a 20.56% decline across the previous seven days while still holding onto the 161.68% gain on its monthly chart.
SHIB price 7-day chart. Source: Finbold
As it happens, the recent move ensued as Shiba Inu has occurred amid the general crypto market’s reaction to the upcoming United States Federal Open Market Committee (FOMC) meeting that is taking place on March 20, the outcome of which could impact the sector.
At the same time, the market representative, Bitcoin (BTC) is going through an expected pre-halving correction after several weeks of exceptionally bullish movements, pulling the rest of the market with it, including the 11th-largest digital asset by market capitalization.
Meanwhile, despite recent consolidation, the one-month sentiment gauges for Shiba Inu remain optimistic, pointing at a ‘buy’ at 14, as summarized from oscillators in the ‘neutral’ zone at 7, and a ‘strong buy’ at 10, according to the recent data by finance and crypto market analytics platform TradingView.
SHIB 30-day sentiment gauges. Source: TradingView
All things considered, the machine algorithm’s SHIB price prediction might, indeed, come true, although the upcoming Bitcoin halving, during which the maiden crypto has historically demonstrated strength, could help the entire crypto market recover and push toward new highs by the end of 2024.
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