TL;DR
- Despite recent market declines, SHIB’s RSI indicates an oversold condition, presenting a potential buying opportunity.
- The upcoming launch of TREAT and the negative exchange netflow also suggest potential price pump for the second-largest meme coin.
Is It Time for the Bears to Step Down?
Over the past 24 hours, the cryptocurrency market has been experiencing significant pain. The total market cap of the sector has fallen by approximately 5.5%, dropping it below $3.3 trillion. Major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Solana (SOL), Cardano (ADA) are all showing substantial losses on a daily basis.
The well-known meme cryptocurrency Shiba Inu (SHIB) has also experienced a loss. Over the past 24 hours, its price dropped by approximately 7%. At the moment of writing, it’s valued at around $0.00002023 according to CoinGecko’s statistics.
Despite a generally bearish outlook, there are encouraging signs on the horizon for the bulls. This positive trend can be seen in Shiba Inu’s Relative Strength Index (RSI), a metric that gauges the rate and magnitude of price fluctuations.
The technical analysis tool ranges from 0 to 100, and values below 30 suggest that the asset could be overpriced and underestimated. This, in turn, may signal a good opportunity for purchasing, as it has been fluctuating between 30 and 55 for the past five days, with its most recent drop reaching as low as 29.
Additional Factors
One indicator hinting at a potential short-term rise in the value of the so-called Dogecoin rival is the asset’s exchange net circulation. As per CryptoQuant’s data, there have been substantial outflows of SHIB compared to inflows over the past week.
This change indicates a move from reliance on centralized platforms to self-custody techniques, which can be seen as a positive sign because it lessens the immediate urge to sell.
In conclusion, we’ll discuss the upcoming debut of TREAT, which is the reward token within Shiba Inu’s ecosystem. This launch, happening later this week, might ignite excitement throughout the community, possibly causing more individuals to join and potentially trigger a price surge for SHIB.
It’s noteworthy that TREAT, the new meme coin, has already garnered interest from major cryptocurrency exchanges. Specifically, KuCoin and MEXC Exchange have publicly stated they will provide trading services for it.
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2025-01-13 20:42