The post "Shiba Inu Faces 7.97% Price Dip Amid Market Crash as Technical Indicators Signal Potential Recovery for SHIB" first appeared on 36crypto.com News.
The cryptocurrency market had a severe plunge today, with the overall market capitalization falling to $2.14 trillion, a 4.3% loss over the previous 24 hours. This fall, driven by Bitcoin (BTC), has affected several coins, including #ShibaInu (SHIB), a popular meme coin. According to CoinMarketCap, SHIB's price has dropped 7.97% in the last 24 hours, trading at $0.00001528. The market's pessimistic attitude, fueled by macroeconomic uncertainty, has generated dread in cryptocurrency traders.
Despite the bleak market conditions, technical indicators show that SHIB is prepared for a rebound. As of this writing, the RSI is at 26.44, indicating that #SHIB، is oversold. Historically, an RSI below 30 is considered oversold, suggesting the coin may be undervalued at its current price levels. This technical outlook often precedes a price rally as buyers reenter the market to capitalize on the perceived undervaluation.
Technical Indicators Signal Potential SHIB Recovery
Apart from the RSI, another solid bullish signal on the price of SHIB is the MACD of SHIB, which has also gone bullish. The MACD, as of the time of writing, shows that SHIB is at −0.00000155, which might point to the fact that the selling pressure is decreasing. Analysts think it could signal a bullish crossover on the meme coin soon.
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