After the United States Securities and Exchange Commission’s (SEC) continuous assault on crypto companies and Silvergate Capital Corporation’s (the holding company of crypto-focused Silvergate Bank) decision to wind down operations, the crypto market has turned negative, with Bitcoin (BTC) tumbling below the $20,000 barrier.
Hence, many in the cryptocurrency space are unsure of the long-term worth of prominent altcoins like Shiba Inu (SHIB), renowned for producing price pumps among retail traders, leading many investors to turn to machine learning algorithms to anticipate the value of Shiba Inu at the end of the month.
The predictions of the crypto community on CoinMarketCap for the meme token’s price over the last six months have historically been accurate to the tune of 83%, making them an alternative to the artificial intelligence (AI) price estimate. It’s worth noting that as of the end of February, the most recent estimate accuracy was 99.98%.
If the estimations of 3,026 member votes prove correct for March 31, it would mean that the price of SHIB by the end of March will trade at $0.00001191, an increase of 18.77% or +$0.000001882 at the time of publication.
SHIB technical analysis
SHIB’s technical analysis (TA) on TradingView’s 1-day gauges are bearish; its summary aligns with the ‘sell’ sentiment at 15, resulting from oscillators pointing at ‘neutral’ at 9 and moving averages (MA) indicating a ‘strong sell’ at 14.
Currently, SHIB is trading at $0.00000998, down 8% on the day and a further 12.41% across the previous week, as per the data retrieved by Finbold on March 10.
It is also important to note that Shiba Inu is currently the 13th-largest digital asset in terms of its market capitalization, which at the time of publication amounted to $5.4 billion.
Finally, investors will be hoping that the SHIB team, hard at work to develop the highly anticipated Layer 2 network called Shibarium, will be able to boost the asset’s price by the end of the month. Notably, its leading developer Shytoshi Kusama recently informed the public via Twitter bio that ShibaSwap was the only official decentralized exchange for the Shiba Inu and Shibarium ecosystem.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.