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There was a massive crypto crash today, with the total market cap dropping to $2.14 trillion. This marks a 4.3% decrease over the past 24 hours. Led by Bitcoin (BTC), today's market crash has left many coins reeling, including the popular meme coin, Shiba Inu (SHIB).
Per CoinMarketCap, the Shiba Inu price plummeted 7.97% in the last 24 hours. SHIB is currently trading at $0.00001528. The bearish sentiment seen on the market today is prevalent. There have been macroeconomic uncertainties in the recent past, and this has led to fear among crypto traders.
Bitcoin, the largest cryptocurrency by market capitalization, has been a prominent driver of this market decline, with its price movements often setting the tone for the rest of the coins. However, despite this gloomy backdrop for the broader market, technical indicators are showing us that SHIB may be poised for a rebound from current levels.
Shiba Inu price flashes buy signal
One key indicator of SHIB signaling a potential recovery is the Relative Strength Index (RSI). As of writing this article, the RSI is at 26.44, showing that the meme coin is in an oversold scenario. Historically, an RSI below 30 is considered oversold, and it suggests that the coin may be undervalued at its current price levels.
This technical outlook often precedes a price rally for a coin, as buyers reenter the market to take advantage of the perceived undervaluation. Along with the RSI, the Moving Average Convergence Divergence (MACD) of the SHIB price is also flashing a prominent buy signal.
The MACD level of SHIB is at −0.00000155, and it is showing that the 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 shows the relationship between two moving averages of a coin’s price. On the other hand, a bullish crossover typically shows a potential price rally.
Despite the overall bearish sentiment, these indicators for the SHIB price give a glimmer of hope to the Shiba Inu community. They are showing that SHIB may be positioned for a short-term recovery. It potentially offers a buying opportunity for traders looking to capitalize on the recent price dip.
Alex Dovbnya
Arman Shirinyan
Dan Burgin