Shiba Inu’s active addresses, transaction volume have been hinting at…
As the crypto market gets ravaged by a wildfire set by the bears, some tokens have taken to recording new lows. One of those cryptocurrencies is Shiba Inu’s SHIB token.
As the general crypto market fell on 13 June, the SHIB token touched a price index that has now caused the token to trade at levels last seen in early October 2021. At the time of writing, the price of the token was pegged at $0.000008268 per SHIB token. What else did we see in the last 24 hours?
Trading at $0.000008321 at the time of press, the SHIB token added another zero to its price. During the early hours of 14 June, the token touched a low of $0.0000075. Although poised to be recovering after marking a 2% uptick in price at press time, investors should not rejoice yet. With a 51% growth in trading volume in the last 24 hours, the distribution might just be more than accumulation. At the price the token sold for at press time, it was 90% away from its all-time high of $0.00008845 recorded in October 2021.
Hit by the bloodbath that plagued the cryptocurrency market in April, a price chart analysis revealed that the token has taken on a downward spiral since the middle of April. With price mostly indicated by red candle sticks, the Relative Strength Index (RSI) has since been housed beneath the 50 neutral region. At press time, it was spotted at 27. This showed that the SHIB token is on its way to being deeply oversold.
A look at the position of the MACD raised some concerns. With the MACD line poised to intersect the trend line in a downward trend, the bear season might be far from over for the SHIB token.
Source: TradingView
On-chain analysis showed that even in the face of dwindling price performance, the token recorded some growth on 13 June.
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