SHIB pulls back as market moves - is it time to add to positions?
SHIB is down 4% in 24 hours to $0.00002358, while the overall cryptocurrency market is down 2%.
SHIB is down 12% in a week and 21% in a month, but it is still up 128% over the past year.
As SHIB is in a long-term uptrend, today's sell-off could be a good time to buy the coin.
As the market is expected to recover soon, this opportunity won't last long.
SHIB's chart shows how the coin has performed over the past week, although it shows signs of approaching historical rally thresholds.
The best feature of the chart below is that the coin's resistance (red) and support (green) levels are converging, reaching a critical point where large moves usually occur.
SHIB's relative strength index (purple) indicates a favorable upside as the RSI fell below 30 this morning.
This suggests that the coin is oversold and trading at a lower price compared to previous price swings.
Over the weekend, SHIB’s 30-day average (orange) fell below its 200-day average (blue), indicating a turnaround is needed.
Less optimistic is ShibaCoin’s trading volume, which is $400 million today compared to $13 billion at the beginning of March.
This suggests that demand for the token has dropped significantly, but the market may still ignore SHIB’s fundamentals.
Last week, Polygon Ventures and other investors provided ShibaCoin’s creators with $12 million in funding to build a privacy-focused third-layer network.
This shows that ShibaCoin plans its development and evolution to become an ecosystem rather than just a meme token.
This can be seen from its decentralized exchange (DEX) ShibaSwap and the second-layer network Shibarium, which has completed more than 400 million transactions.
Due to its practicality, ShibaCoin’s price may rise to $0.000040 in the summer.
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