The value of Shiba Inu (SHIB) has gone down by 15% in just one day, hitting its lowest point in more than three months.
Shiba Inu’s price fell by nearly 15% in the last 24 hours, marking a three-and-a-half-month low. The RSI is in the oversold zone, historically synonymous with the beginning of recoveries.
Investors’ Response to Price Drop
Even though the price has dropped, people who own SHIB are buying more, hoping the price will go up again. An RSI that measures if something is bought too much or too little says SHIB is being sold too much, which usually means the price might increase soon. Right now, SHIB’s price is very low at $0.00001762, and it’s getting close to an important lower price of $0.00001473, which could decide where its price will go next.
SHIB holders are dedicated to increasing the price by heavily accumulating over the last ten days. The accumulation activity reflects their commitment of reversing the recent downtrend.
Technical Indicators and Market Predictions
The Relative Strength Index that measures if a cryptocurrency is bought too much or too little shows that Shiba Inu might be cheaper than it should be, This means the price could upsurge soon.
Shiba Inu Price Prediction and Analysis
Shiba Inu’s price has already dipped below $0.00002000, trading at $0.00001762 at the moment. The next crucial support lies far below at $0.00001473.
In short, Shiba Inu’s (SHIB) price has dropped, yet its investors keep putting money in. They are joining forces to drive the price up. The signs that SHIB is priced too low suggest a price rise may soon correct this. The next few days are key as SHIB is close to an important price level that will likely decide if its price will increase or decrease.
Also Read: Is Shiba Inu Coin on the Rise?
