This technical perspective often precedes a price rally, as buyers re-enter the market to capitalize on the perceived undervaluation. Alongside the RSI, the Moving Average Convergence Divergence (MACD) indicator for SHIB is also sending a prominent buy signal.
Today, we witnessed a significant cryptocurrency market crash, bringing the total market capitalization down to $2.14 trillion. This marks a 4.3% decrease over the past 24 hours. The market collapse has left many cryptocurrencies reeling, including the popular meme coin, Shiba Inu٩ (SHIB).
Bitcoin, the largest cryptocurrency by market capitalization, has been the primary driver of this market decline, with its price movements often setting the tone for other cryptocurrencies. However, despite this bleak market backdrop, indicators suggest that SHIB might be poised for a recovery from its current levels.
According to CoinMarketCap, Shiba Inu’s price has dropped by 7.97% in the last 24 hours and is currently trading at $0.00001528. The bearish sentiment prevailing in the market today stems from recent macroeconomic uncertainties, which have instilled fear among cryptocurrency traders.
Shiba Inu Shows Signs of Recovery
One of the key indicators pointing to a potential recovery for SHIB is the Relative Strength Index (RSI). At the time of writing, the RSI stands at 26.44, indicating that the meme coin is in an oversold condition. Historically, an RSI below 30 is considered oversold, suggesting that the coin might be undervalued at its current price levels.
Read more Shiba Inu (SHIB) Expected to Soar: Analyst Predicts Price Surge to $0.000059
The MACD level for SHIB is at −0.00000155, showing that selling pressure might be waning. It also indicates that a bullish crossover could be on the horizon for the meme coin. The MACD is a momentum indicator that illustrates the relationship between two moving averages of the coin’s price. A bullish crossover typically signals a potential price increase.
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