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Shiba Inu (SHIB), the dog-themed meme coin, has in the last 30 days lost 11.6% of its value, with the price threatening to drop below the $0.000011 support levels in a bearish move. However, a recent development shows SHIB is no longer at risk of adding a zero.
Shiba Inu technical signals show trend shift
As per data, Shiba Inu's Relative Strength Index (RSI) of 47 has cleared oversold territory. Notably, this implies that SHIB's RSI no longer falls within the range of 30 and below.
Additionally, SHIB is no longer trading below the nine-day moving average. This is a bullish signal for the meme coin, which has faced severe bearish pressure in the last 30 days. It means that Shiba Inu is no longer facing a downside selling risk in the short term.
Shiba Inu is currently on an upward trajectory as it reversed its seven-day downtrend as ecosystem whales became active. Over 189 billion SHIB were withdrawn from Coinbase in a move that suggests strategic accumulation of the meme coin.
The whale’s activity sparked interest in the meme coin community as anticipation of a bullish rally rose.
This has influenced the price outlook on the crypto market. As of press time, Shiba Inu is changing hands at $0.00001244, which represents a 1.3% increase in the last 24 hours. However, market participants are yet to actively engage with the coin as trading volume is down by 40.42% at $186.11 million.
Analysts see limited risk of adding zero
As reported by U.Today, the chances of Shiba Inu adding another zero during this current cycle are very slim. The meme coin has faced severe bearish pressures but has managed to prevent slipping further downward.
Some analysts believe that a spike in SHIB’s deflationary rate to reduce circulating supply, accompanied by support from ecosystem bulls, could reset the meme coin in the long term.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team