Shiba Inu Price Prediction as SHIB Retraces With Market Volatility — Is It Time to Load Up?
Shiba Inu has fallen by 4% in the past 24 hours, with the SHIB price dropping to $0.00002358 on a day when the wider crypto market suffers a 2% dip.
This caps a bad period for SHIB, which is now down by 12% in a week and by 21% in a month, although the popular meme coin holds onto a 128% gain in the past year.
Yet given that SHIB is on a long-term upwards trajectory, today’s selloff may provide a good opportunity to stock up on the coin at a discounted price.
Such an opportunity isn’t likely to last for long, with the market looking ready to stage a comeback soon.
SHIB’s chart reflects the coin’s performance over the past week, yet its indicators are all nearing positions where, normally, history dictates that they should bounce back.
Probably the most significant feature of the chart below is that the coin’s resistance (red) and support (green) levels are converging on each other, nearing a pinch point where a big move usually follows.
SHIB’s relative strength index (purple) supports the notion that such a move should be positive, given that the RSI has dropped below 30 this morning.
This means that the token has firmly entered an oversold position, and that relative to recent price moves the market has undervalued it.
Likewise, SHIB’s 30-day average (orange) fell below its 200-day (blue) over the weekend, implying that it needs to change direction soon.
What’s less optimistic is that Shiba Inu’s trading volume remains a little flat, at roughly $400 million today, as opposed to as much as $13 billion in early March.
This indicates a big drop-off in interest in the token, yet it’s entirely arguable that the market continues to neglect SHIB relative to its fundamentals.
Shiba Inu raised $12 million with the TREAT token for its
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