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Shiba Inu (SHIB) Price Approaches Oversold Levels per This Indicator

Fri, 10/21/2022 - 11:14
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Tomiwabold Olajide
SHIB might be potential candidate for surprise bounce
Shiba Inu (SHIB) Price Approaches Oversold Levels per This Indicator
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Shiba Inu (SHIB) lost the key $0.000010 level on Oct. 19, thus adding an extra zero to its price as the $0.000009 range was reached. At the time of publication, SHIB was changing hands at $0.00000978, down 2.26% in the last 24 hours.

The year 2022 saw a widespread meltdown in the markets, cryptocurrencies included. Shiba Inu has not been excluded from the bearish action as it is now down 88.91% from the all-time high of $0.000088 reached in October 2021.

However, zooming in on the short-term price action, SHIB might be a potential candidate for a surprise bounce or a relief rally. This is as its daily RSI approaches the 30 oversold levels following a steady price decline since August.

An instance was recorded in June when the RSI reached deeply oversold levels as the price fell to lows of $0.00000714 on June 18. A subsequent recovery culminated in a 157% rise to a high of $0.000018 on Aug. 14.

However, in the event of a further drop, SHIB might eye the $0.0000092 level in the meantime. Further declines may force SHIB to retest the $0.000007 level. On the contrary, SHIB might erase a zero from its price if a relief rally to $0.000010 ensues. The next barrier might be the $0.0000113 level, just ahead of the $0.0000135 level.

SHIB lists on yet another crypto exchange

Shiba Inu has now been listed on the Swiss cryptocurrency platform Swissborg, according to a recent announcement.

The platform, which operates a hybrid cryptocurrency service for its large user base, revealed that the decision to list SHIB was spurred by the demand of its growing community.

As reported by U.Today, SHIB was recently listed by Seychelles-based cryptocurrency exchange BitMEX.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.