The cryptocurrency market had a severe plunge today, with the overall market capitalization falling to $2.14 trillion, a 4.3% loss over the previous 24 hours. This fall, driven by Bitcoin (BTC), has affected several coins, including Shiba Inu (SHIB), a popular meme coin. According to CoinMarketCap, SHIB’s price has dropped 7.97% in the last 24 hours, trading at $0.00001528. The market’s pessimistic attitude, fueled by macroeconomic uncertainty, has generated dread in cryptocurrency traders.
Despite the bleak market conditions, technical indicators show that SHIB is prepared for a rebound. As of this writing, the RSI is at 26.44, indicating that SHIB is oversold. Historically, an RSI below 30 is considered oversold, suggesting the coin may be undervalued at its current price levels. This technical outlook often precedes a price rally as buyers reenter the market to capitalize on the perceived undervaluation.
Read Also: Shiba Inu Dips 9% with New Support Range Identified as Market Faces $321M Liquidations in 24 Hours
Technical Indicators Signal Potential SHIB Recovery
Apart from the RSI, another solid bullish signal on the price of SHIB is the MACD of SHIB, which has also gone bullish. The MACD, as of the time of writing, shows that SHIB is at −0.00000155, which might point to the fact that the selling pressure is decreasing. Analysts think it could signal a bullish crossover on the meme coin soon. The MACD is a momentum indicator considering the relationship between a coin’s price and two moving averages. This bearish crossover usually suggests the possibility of a reversal and is likely to push the price higher.
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Despite the overall bearish sentiment in the market, these technical indicators for SHIB provide a glimmer of hope to the Shiba Inu community. They suggest that SHIB may be positioned for a short-term recovery, potentially offering a buying opportunity for traders looking to capitalize on the recent price dip. As the broader market navigates macroeconomic uncertainties, these indicators could be crucial in determining SHIB’s near-term price action.
Conclusion
In conclusion, today’s massive crypto crash has significantly impacted Shiba Inu, with a notable price dip. However, technical indicators such as the RSI and MACD suggest that SHIB may be on the verge of a rebound. This potential recovery offers a beacon of hope for investors amidst the broader market downturn.
Read Also: Dogecoin Faces Significant Liquidations Amid Crypto Market Downturn
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Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. I write extensively on topics such as blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.