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The crypto market faced yet another downturn today, and Shiba Inu (SHIB) struggled as well. The broader market saw a drop of 4.4% in its market capitalization. Currently standing at $2.31 trillion, this drop reveals that bears have been in control today.
Shiba Inu, one of the most popular meme coins, is also stuck in this gloomy environment. As of writing time, the SHIB price has dropped 5.78% to $0.0000163. The price has remained down 6.07% over the past month. The market cap of SHIB is also down 5.78% to $9.6 billion, revealing bearish sentiment on the market.
SHIB’s rebound scenario
However, not all is lost for Shiba Inu. The community is still expecting a price rebound from the coin. In fact, SHIB is giving strong signals of a recovery after today’s dip. Per data from CoinGlass, the meme coin has skyrocketed 37.11% in its trading volume.
Currently standing at the $163.62 million level, this surge in volume comes from multiple crypto trading volumes. Around $74 million comes from crypto exchange OKX, $40 million from Bitget, $30.05 million from BingX, followed by other platforms.
This reveals that not only the volume is rising, but SHIB is witnessing rising activity across all major exchanges. Moreover, it indicates that traders have been buying the dips amid today’s price drop. This potential accumulation trend can inject bullish momentum into the market. Meanwhile, the RSI of Shiba Inu is at the 41 level.
Typically, the RSI of a crypto tends to remain between the 40 to 90 range during an uptrend. Moreover, the 40 to 50 range acts as a major support level. As SHIB is around this level at the moment, it means that it has not entered a bearish zone. The overall trend is still bullish despite today’s dip.
Valeria Blokhina
Godfrey Benjamin