As a seasoned researcher with extensive experience in the crypto market, I’ve witnessed my fair share of market crashes and subsequent recoveries. Today’s crypto crash, which saw the total market cap drop to $2.14 trillion, was a sobering reminder of the volatility that comes with investing in this asset class.
I analyzed the crypto market today and identified a significant downturn, resulting in a total market cap of approximately $2.14 trillion. This represents a 4.3% decrease in value over the past 24 hours. Notably, Bitcoin (BTC) spearheaded this decline, causing distress for various coins such as the popular meme coin, Shiba Inu (SHIB).
According to CoinMarketCap’s latest update, Shiba Inu’s price dropped by 7.97% over the last 24 hours. At present, SHIB is being traded at a price of $0.00001528. The market mood is predominantly bearish today due to several macroeconomic uncertainties that have instilled fear among crypto investors in recent times.
The leading cryptocurrency by market value, Bitcoin, has significantly influenced the recent market downturn. Its price fluctuations frequently dictate the trend for other coins. Yet, amidst this bearish market scenario, there are signs of potential recovery for SHIB based on technical indicators.
Shiba Inu price flashes buy signal
One significant sign of SHIB‘s potential resurgence can be gleaned from the Relative Strength Index (RSI). At present, the RSI stands at 26.44 in this analysis. This value indicates that SHIB is in an oversold position in the market. Generally, when the RSI falls below the 30-mark, it signifies an oversold condition and may imply that the meme coin could be underpriced based on its current market value.
In simpler terms, when the technical analysis indicates that a coin like SHIB is undervalued, it can lead to a price surge as investors jump in to capitalize on the opportunity. Additionally, the MACD indicator for SHIB’s price is currently signaling a strong buy recommendation, in line with the RSI.
The MACD value of SHIB stands at a level of -0.00000155, suggesting that selling pressure could be decreasing. This indicator also signals the possibility of an upcoming bullish crossover for the meme coin. The MACD is a momentum tool that demonstrates the difference between two moving averages of a cryptocurrency’s price. In general, a bullish crossover signifies a potential price surge.
Amidst the pessimistic outlook, several signs regarding the Shiba Inu (SHIB) price provide a glimmer of optimism for its supporters. These indicators suggest that SHIB could be poised for a short-term rebound. This situation might present an opportunity for traders to buy SHIB at a lower price following the recent price downturn.
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2024-07-04 16:20