🔥Must-Watch Today🔥$SHIB Retraces as Market Volatility Rises — Is It Time to Buy?
Shiba Inu fell 4% to $0.00002358 in 24 hours, while the crypto market fell 2%.
SHIB is down 12% in a week and 21% in a month, but is still up 128% last 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 last week, though signs are reaching historical thresholds for a rally.
The biggest feature of the chart below is the confluence of the coin’s resistance (red) and support (green) levels, reaching a critical point when huge moves usually occur.
SHIB’s relative strength index (purple) indicates good upside momentum as the RSI fell below 30 this morning.
This suggests that the coin is oversold and cheap compared to previous price swings.
Over the weekend, SHIB’s 30-day average (orange) fell below its 200-day average (blue), suggesting a reversal is needed.
Less positive is Shiba Inu’s trading volume, which stands at $400 million today compared to $13 billion at the beginning of March.
This suggests a significant reduction in demand for the token, but the market may still be ignoring SHIB despite its sound fundamentals.
Last week, Polygon Ventures and other investors provided $12 million to Shiba Inu’s creators to build a privacy-focused third-layer network.
This shows how Shiba Inu plans its development and evolution to become an ecosystem rather than a meme token.
This is evidenced by ShibaSwap, its DEX, and Shibarium, whose second-layer network has completed over 400 million transactions.
Due to its utility, Shiba Inu’s price could rise to $0.000040 by summer.
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