$SHIB Retraces With Market Volatility—Is It Time to Load Up?
Shiba Inu fell 4% in 24 hours to $0.00002358 while the crypto market fell 2%.
SHIB is down 12% in a week and 21% in a month, but it still has a 128% gain in the last year.
Since SHIB is on a long-term uptrend, today's selloff may be a good time to buy the coin.
Since the market is expected to recover shortly, this chance won't continue long.
SHIB's chart shows the coin's performance during the last week, although its indications are reaching historical thresholds for a rebound.
The chart below's biggest characteristic is the coin's resistance (red) and support (green) levels converging, reaching a pinch point when a huge move generally occurs.
SHIB's relative strength index (purple) suggests a favorable advance, since the RSI went below 30 this morning.
This indicates that the coin is oversold and inexpensive compared to previous price swings.
The weekend saw SHIB's 30-day average (orange) fall below its 200-day (blue), indicating a need to reverse course.
Less positive is Shiba Inu's trade volume, which is $400 million today compared to $13 billion in early March.
This signals a large reduction in token demand, yet the market may still ignore SHIB despite its fundamentals.
Last week, Polygon Ventures and other investors gave Shiba Inu's creators $12 million to construct a privacy-focused layer-three network.
This indicates how Shiba Inu plans its development and evolution, making it an ecosystem rather than a meme token.
This is shown by ShibaSwap, its DEX, and Shibarium, its layer-two network that has completed over 400 million transactions.
Due of its usefulness, the Shiba Inu price may rise to $0.000040 by summer.
