As the whole digital currency ecosystem suffered, driving Bitcoin (BTC) and other cryptocurrencies to multi-week lows, Shiba Inu (SHIB) lost its hard-earned zero. With its price down 8.88% in the last day to $0.000009672, Shiba Inu appears to be among the worst-hit stocks this time around. Shiba Inu has been trading over the $0.00001 price barrier for weeks, and the present prognosis indicates that bears are outpacing bulls in the token.
Shiba Inu’s price decline has pulled it even farther into the abyss; a 9.91% drop has obscured the weekly performance. It looks like the worst is past for the meme coin protocol, despite this price reduction and other network doomsday indicators like the decline in burn rate as demonstrated by statistics from Shibburn.
The SHIB/USDT 4H chart on TradingView demonstrates how the relative strength index (RSI) for the Shiba Inu has dropped to 29.25, which is far below the “oversold” area. This essentially indicates that since the downturn is unlikely to become worse, investor behaviour may shift in the days ahead and a reaccumulation will occur.
The Bollinger Bands are another indicator of this possible trend change. Shiba Inu is likely to change direction eventually, since it is now trading in the lower ranges.
Shiba Inu prepared for shift
One of the best assets is the Shiba Inu, whose moldable instability may be readily transformed into strength in the fight for recovery. With the introduction of Shibarium and a committed community seeking genuine items, Shiba Inu has the basics in place to enable any further development the token may see.
Shiba Inu has a reputation for recovering well from setbacks, which makes it stand out from its competitors in the meme coin space, particularly the more recent additions that have often diluted the cash infusion from investors.
